Dear Editor,
There is an old saying, “If you stand for nothing, you will fall for anything.”
This is very appropriate for what has been happening in Richmond and other areas of Metro Vancouver over the past few years.
Foreign buyers have been taking advantage of the “open door” policy in this province to purchase property to park their money.
Residents of Richmond know the number of foreign buyers is much higher than the 14 per cent being reported for our region by the government. It’s possibly even up to 40 per cent.
There would be normally nothing wrong with investment property, as long as the property purchased was being rented out if the owner was not a citizen or resident living here.
However, what has happened in Richmond with the number of vacant homes and condos, and the animosity this has created as a result, is another story.
Rules, regulations and laws are developed to prevent anarchy, which unfortunately has become the state of the real estate market in Greater Vancouver lately.
Although financial penalties from $250,000 - $500,000 are now being created to prevent “shadow flipping” or agencies or agents representing both buyer and seller, this has not gone far enough.
There should be stricter penalties for foreign buyers, real estate agents or realty agencies who continue to use Richmond and Metro Vancouver areas as Monopoly property, often through the manipulation of lax real estate laws when purchasing through relatives, friends, “students,” corporations or trusts.
The buyers should be prevented from purchasing any real estate in B.C., whether directly or through other avenues as relatives, friends, corporations or trusts.
The agents and agencies should also immediately lose their realty licences in this province, since many realize fines alone will not deter many of them, especially those working with extremely high-priced properties.
Although this may seem a harsh punishment, since many innocent realtors may suffer for the recklessness of their colleagues, it would put a wrench into what has been happening. Some innocent realtors may even decide to (anonymously) turn in the guilty ones themselves.
It is necessary for each of us to stand for something, otherwise we will watch it all fall, and the animosity in Richmond will continue to grow at an exponential rate.
If we ask why the provincial government hasn’t already put rules in place by now, we only need take a look at the $700,000 increase in value of the premier’s home between 2009 and January of this year.
That increase is much closer to $1 million by now, so why would any members of the B.C. government want to put a deterrent in place if it could lead to a further $1 million increase in their own property through more foreign buyers?
R. Lewis
Richmond
