B.C. Green Party Leader, Andrew Weaver, has called for a ban on foreign buyers investing in the province's real estate market.
New Zealand's government is the most recent to implement such a ban, where foreign buyers can only purchase properties that are being built, not the existing ones.
This is what Richmond residents think:
It’s yes and no. Everybody should have a right to homeownership, but there are so many ghost houses in this area, and so much not-playing-by-the-rules. It’s a hard question, and I don’t think there is ever gonna be a right or wrong answer. It’s going hurt somebody somewhere.
Suresh Kurl, Retired
There are so many people here who can’t afford to have a decent place to live. I think they should come first. If you want to buy a property here, come to live here; live with us. If they don’t live here, they don’t work here, they don’t contribute any taxes here. . .why buy a house here?
Gigi Lui, Beautician
I think it’s OK. Foreign buyers are already paying an extra 15 per cent property tax. It kind of stops them from buying here. I think 15 per cent is pretty fair. It is a bit difficult for young people to buy a home because the price is really high, but it’s also getting to be the same in many other places.
It will have an impact on the housing market short-term, but for long term, I think it’s a healthy policy. It will protect the market, make it healthier and more sustainable. If foreign buyers are too active, house prices can rise fast short-term, but it actually creates a bubble. It’s not a healthy market.
Ruby Chen, Retired
I support a ban on foreign residential real estate ownership. Foreign investors have a lot of money to buy multiple properties for investment, but the people who work here find it very difficult to afford a home. I believe the ban will help lower the house prices here.