Vancity Buzz: Province has no plans to collect data on foreign real estate investment

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“B.C. Housing Minister Rich Coleman has said neither his ministry or the province has any plans to collect data on foreign ownership, stating that housing costs in B.C. are “pretty reasonable”.

Coleman was referring to the price of real estate in B.C. and the Lower Mainland region compared to other cities such as London and Tokyo after a prompt from Vancouver-Point Grey MLA David Eby.

“It would be greatly worthwhile, from the perspective of many people, to measure the impact of [foreign investment] on the B.C. real estate market,” said Eby.

“There is a lot of concern about this in my community, and people need to know whether their concern is overblown or whether it’s legitimate, and if it’s legitimate that people are using housing as investments and driving up prices, then the province should look at what actions should be taken.” He then asked if Minister Coleman would consider and take forward the conversation within his government to measure international and domestic investment in properties when the unit is vacant.”

Read full article here: http://www.vancitybuzz.com/2015/05/province-no-plans-to-collect-data-on-foreign-real-estate-investment-bc/