For the first time the Premier says this month’s budget will not only try and tackle housing affordability but also the issue of foreign buyers.
Christy Clark says with no one tracking foreign real estate purchases she has tasked BC Housing with trying to gather that data.
“I think the problem is in understanding what is at issue with affordability and driving up housing costs in the lower mainland is nobody really has all the information. So I am determined to get as much of that information as we can. That is the work that BC Housing is going to do. In the budget you will see more initiatives that will help us understand exactly the role that non-citizens are playing in our property market.”
Clark says by better understanding the problem we can better figure out solution, while also dialing down some of the rhetoric.
” I think also we should be careful about villainizing folks who may be non-residents and their role in this. I think with more data we will be able to get a grasp on how to address it better because affordability, especially in the City of Vancouver, is a real issue and we have to find ways to address it.”
Clark has already promised measures in this month’s budget to try and tackle affordability, perhaps aimed at first time homebuyers.
Most detached homes in Vancouver are now listed above $1 million.