The federal government is conceding there still isn’t enough available data to find answers to solve Vancouver region’s real estate crisis, but it’s promising to get more.
Minister for Families, Children and Social Development, Jean Yves Duclos, is telling the Greater Vancouver Board of Trade today that the Canada Mortgage and Housing Corporation will be investigating for “root causes” of what he says is the largest deterioration of housing affordability seen in 26 years.
And Duclos says he’s told the CMHC to “increase both the quantity and the quality of data.”
“Just so we have a better understanding of what’s taking place here in British Columbia, so that we can have a more confidence the type of policies that will make sense.”
The B.C. government has in the past defended the amount of information it provides to the Canada Revenue Agency on low income people making large real estate purchases.
Defending the CRA
Meanwhile the minister is defending the Canada Revenue Agency against claims it’s been reluctant to chase down speculators and foreign investors who don’y pay their share of tax.
“Budget 2016 announced our clear stance on that, we’ve invested $444 million, in addition to existing resources for the CRA, to make sure that tax rules and regulations are obeyed.”
Yesterday the National Revenue Minister asked the CRA to investigate alleged tax dodgers following an investigation by the Globe and Mail.
Yves-Duclos says data on foreign investment in #VanRE is "challenging" to find. Will use existing data and more surveys to find more— Jeremy Lye (@JJLye980) September 14, 2016
Fed Social Development min Jean Yves-Duclos says Van seeing largest deterioration of housing affordability in 26 yrs pic.twitter.com/5HI9wuqDw5— Jeremy Lye (@JJLye980) September 14, 2016
On foreign investment in #VanRE Yves-Duclos says he sees issues within a matrix of 4 dimensions & I have no idea where he is going with this— Jeremy Lye (@JJLye980) September 14, 2016