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:
Kathy Seymour
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.
Jerry Zhu
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.
