The District of West Vancouver is calling on other municipalities to join them in asking the Union of B.C. Municipalities to take action and restrict foreign investors.
It was a unanimous decision from council to call on the provincial and federal government to cool down Metro Vancouver’s market.
Councillor Mary-Anne Booth says the district is now turning to the Union of B.C. Municipalities to carry a motion to “discourage foreign investment and speculation.”
“Urging the provincial and federal government to take immediate action to discourage speculation in real estate particularly by foreign investors and to make sure foreign investors pay a fair share of provincial and federal taxes.”
Booth says the district along with other municipalities is facing a housing crisis.
“The ratio of housing prince to income, according Josh Gordon at SFU is 10:1, where affordable is 3:1.”
Booth brushed off the idea that targeting foreign investors is racist, she says it’s about wealth and the economy and everyone should be subject to paying provincial and federal taxes.
“This isn’t about race at all, it’s about wealth and economics.”
The UBCM will consider the motion this fall.