BC’s Premier appears to be sitting on the fence when it comes to the idea of imposing a foreign ownership property tax.
“By trying to move foreign buyers out of the market, housing prices overall will drop. That’s good for first time home buyers, but not for anybody who’s depending on the equity in their home to maybe get a loan or use that to finance some other projects.”
Without mentioning any specifics, Christy Clark says efforts are being made to help people feeling shut out of hot real estate markets.
“We need to think about that because affordability in the city of Vancouver, in particular, is a real issue for first time home buyers.”
Foreign ownership is already restricted in the United Kingdom, Australia and many other countries.