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

  • Trump weighs replacing Fed Chair Yellen with ex-Goldman exec

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump said Tuesday that he's considering either re-nominating Janet Yellen for a second term as Fed chair or replacing her with someone else, possibly Gary Cohn, who leads his National Economic Council. Source
  • Home Capital repays $2B line of credit from Warren Buffett's Berkshire Hathaway

    Economic CBC News
    Home Capital Group, the Toronto-based alternative mortgage lender that was on the verge of collapse earlier this year, says it has repaid a $2-billion line of credit from Berkshire Hathaway. The company was given the financial lifeline last month by Berkshire Hathaway, which is headed by Warren Buffett, as it was trying to regain investor confidence following a run on deposits from customers. Source
  • CN Rail beats profit forecasts on higher revenuess

    Economic CBC News
    Canadian National Railway beat analyst expectations as its profits grew 20 per cent to $1.03 billion in the second quarter on record quarterly revenues. The Montreal-based railway earned $1.36 per diluted share, up from $1.10 a year earlier when it posted $858 million in net income. Source
  • CN Rail beats forecasts with $1B profit in Q2

    Economic CTV News
    MONTREAL -- Canadian National Railway beat analyst expectations as its profits grew 20 per cent to $1.03 billion in the second quarter on higher revenues. The Montreal-based railway (TSX:CNR) earned $1.36 per diluted share, up from $1.10 a year earlier when it posted $858 million in net income. Source
  • NAFTA talks set for clash over where private, personal data is stored

    Economic CBC News
    One of the American targets in the upcoming renegotiation of the North American Free Trade Agreement appears on a collision course with privacy laws in British Columbia and Nova Scotia. In negotiating objectives published last week, the Office of the United States Trade Representative said it wanted to "establish rules to ensure that NAFTA countries do not impose measures that restrict cross-border data flows and do not require the use of installation of local computing facilities. Source
  • Spending from Trump, Trudeau on infrastructure could drive up costs: documents

    Economic CTV News
    OTTAWA -- The Trump administration's fledgling promise to spend US$1 trillion on repairing American roads and bridges may have some unintended ripple effects in Canada. Newly released documents show that top civil servants in Ottawa worried earlier this year that Donald Trump's ambitious infrastructure program that he talked about on the campaign trail could end up driving up the construction costs in Canada. Source
  • U.S. senate committee pressures Trump administration on quotas in softwood deal

    Economic CTV News
    MONTREAL - The United States Senate finance committee has increased pressure on the Trump administration to include quotas in a softwood lumber agreement with Canada. Seven Democratic and Republican senators expressed their demands in a letter sent this week to U.S. Source
  • A timeline of B.C.'s cancelled Pacific NorthWest LNG project

    Economic CTV News
    VANCOUVER -- Here is a look at how the Pacific NorthWest LNG project evolved over the last several years before the announcement of its demise Tuesday: Feb. 19, 2013: Pacific NorthWest LNG submits its project description to the Canadian Environmental Assessment Agency. Source
  • Canadian airlines aiming to become biofuel superpower, reduce carbon footprint

    Economic CTV News
    MONTREAL -- The country's top airlines say resource-rich Canada has the potential to become a biofuel superpower by transforming forest residue and agricultural crops into energy that can help the industry reduce greenhouse gas emissions. Source
  • Baggage handlers threaten strike at Toronto's Pearson Airport

    Economic CTV News
    TORONTO - The union representing 700 workers at one of the largest baggage and ramp handling companies at Toronto's international airport could be in a strike position on Thursday. Christopher Monette, spokesman for Teamsters Local 419, says the union will encourage its members to vote down Swissport's final offer. Source