Harper promises to address foreign homeownership if re-elected
Posted August 12, 2015 11:41 am.
Last Updated August 12, 2015 3:40 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – One of the federal leaders on the campaign trail today wants to find out what is behind the high cost of real estate on the Lower Mainland.
Conservative Leader Stephen Harper was in North Vancouver this morning making more election promises.
He says his government would collect data on foreign buyers — which will include things like how many of them there are, where they are buying and the effects it has on the local market, which is an ongoing issue on the Lower Mainland.
“In coordination with the provinces, we will take action to ensure any foreign non-resident investments supports the availability and affordability of homes for Canadians.”
“In most developed economies, governments track this kind of information, but governments in Canada, historically, hasn’t and as a start, this needs to change,” adds Harper.
Harper is also promising to increase the amount of money you can take out of your RRSP to buy a home. It’s going up by $10,000 to $35,000.
Cameron Muir with the BC Real Estate Association says the high cost of a home can’t be blamed solely on foreign buyers. “We’re looking at less than five per cent of transactions and far less than five per cent of the housing stock is foreign owned.”
“If the federal government commits to obtaining data on foreign ownership then we can look at the data and figure out if any kind of policy reaction is needed or not.”
He adds foreign buyers tend to typically buy within the luxury market and the average market is being driven up by demand.
