B.C. studying foreign ownership in real estate market: premier

VANCOUVER - Premier Christy Clark says the agency that manages and administers subsidized housing in British Columbia is studying the level of foreign investment in the real-estate market.

See Full Article

Housing affordability is a hot topic in Vancouver, where the rental-vacancy rate is below one per cent and the average price of a home on the west side is now more than $2.5 million.

But just how much of a role foreign investment plays in the market remains debatable, although a Finance Ministry analysis last June concluded less than five per cent of home sales in Metro Vancouver involved foreign buyers.

Clark says BC Housing has been studying the issue for more than a year but will need the help of the federal government to fully understand the data.

She says the provincial government will also include initiatives in this month's budget to help it determine if non-citizen buyers have an impact on the property market.

Clark says the government needs to understand the issue before it can find solutions, and she is also asking people not to vilify non-residents who buy homes in the Vancouver area.



Advertisements

Latest Economic News

  • Disability in demand: People with autism offer employers a broader talent pool

    Economic CBC News
    He's a former job pariah who's suddenly a hot new hire, a university graduate with astonishing analytical abilities who could barely answer a question during job interviews. Now the very reason Shawn Bolshin couldn't get a job is the very reason he has one. Source
  • Liberals turn to pasta to move past 3 months of fuss and fury over tax fairness

    Economic CBC News
    When the prepared statements were finished and the floor was opened for questions, the first reporter in line wanted to question Bill Morneau, about not just the government's tax changes, but also whether the finance minister's personal wealth was being ethically managed. Source
  • Asian stocks little changed after Wall Street hits new highs

    Economic CTV News
    BEIJING - Asian stocks were little-changed Tuesday after Wall Street's major indexes rose to new highs as China prepared to open a key political meeting. KEEPING SCORE: The Shanghai Composite Index was off 0.1 per cent at 3,374.66 while Tokyo's Nikkei 225 was unchanged at 21,260.89. Source
  • Bombardier to partner with Airbus on CSeries program

    Economic CBC News
    Fred Cromer, president of commercial aircraft at Bombardier Aerospace, speaks to reporters at Bombardier's plant in Mirabel, Que. Source
  • Europe's Airbus to buy majority stake in Bombardier CSeries program

    Economic CBC News
    Fred Cromer, president of commercial aircraft at Bombardier Aerospace, speaks to reporters at Bombardier's plant in Mirabel, Que. Source
  • Netflix sinking deeper into debt to fuel subscriber growth

    Economic CTV News
    SAN FRANCISCO -- Netflix is sinking deeper into debt in its relentless pursuit of more viewers, leaving the company little margin for error as it tries to build the world's biggest video subscription service. The big burden that Netflix is shouldering hasn't been a major concern on Wall Street so far, as CEO Reed Hastings' strategy has been paying off. Source
  • Airbus to buy majority stake in Bombardier CSeries program

    Economic CTV News
    MONTREAL -- European aircraft giant Airbus Group is buying a majority stake in Bombardier's CSeries program. The two aircraft manufacturers announced the partnership Monday evening, weeks after the United States announced 300 per cent preliminary duties on exports of the aircraft following a complaint from Airbus rival Boeing. Source
  • Airbus shakes up industry with majority stake in Bombardier CSeries program

    Economic CTV News
    MONTREAL -- European aircraft giant Airbus Group is shaking up the global airline business by buying a majority stake in Bombardier's CSeries program and assembling the plane in the U.S. to avoid import duties. The two aircraft manufacturers announced the partnership Monday evening, weeks after the United States announced 300 per cent preliminary duties on exports of the aircraft following a complaint from Airbus rival Boeing. Source
  • Securities regulator sets out rules for Canadian marijuana stocks with U.S. interests

    Economic CBC News
    The Canadian Securities Administrators set out "specific disclosure expectations" for marijuana industry firms with investments in the U.S., offering much-anticipated clarity for companies that operate on both sides of the border. The umbrella organization for Canada's provincial and territorial securities regulators put out a staff notice, saying that cannabis companies must tell investors about certain risks when they invest south of the border — where growing and selling marijuana remains…
  • Regulators set rules for cross-border pot listings

    Economic CTV News
    TORONTO -- The Canadian Securities Administrators set out "specific disclosure expectations" for marijuana industry firms with investments in the U.S., offering much-anticipated clarity for companies that operate on both sides of the border. The umbrella organization for Canada's provincial and territorial securities regulators put out a staff notice, saying that cannabis companies must tell investors about certain risks when they invest south of the border -- where growing and selling…