Vancouver Sun: Foreign buyers crushing home dreams in Vancouver as governments do little: study

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May 9, 2016 | Camille Bains

Quoted from the article:

NDP housing critic David Eby said the province’s commitment to reintroduce a requirement for homebuyers to disclose their citizenship on land title documents is unlikely to make any difference.

“The idea that if people are misrepresenting their residency on anti-money laundering forms are going to suddenly give you frank and honest information on land titles form is a bit silly.”

Eby said he has met with business owners who are struggling to recruit and retain professionals because the high cost of housing is deterring people from moving to the city.

“Housing is going to be a central issue for us,” he said of the matter that will potentially drive the NDP’s election agenda before voters go to the polls in May 2017.

“It’s not just Metro Vancouver that’s facing this challenge,” he said. “There are rental vacancy rates across the province of less than one per cent.”

Eby said he supports a B.C. Affordability Housing Fund, proposed by the Sauder School of Business at the University of B.C., to collect a 1.5-per-cent real estate surcharge from non-resident property owners, with the money generated to be distributed to residents.

Read the full article: http://vancouversun.com/business/real-estate/foreign-buyers-crushing-home-dreams-in-vancouver-as-canada-b-c-do-zip-study