The NDP’s housing critic is blaming the provincial and federal government for allowing foreigners to easily swoop into the region’s real estate market by way of easy lending.
“Banks have been shoveling money out the back door to internationals without any proof of income,” says David Eby.
This comes after a report by the Globe and Mail showed institutions favor foreigners.
While Canadians are asked to provide source of income, it’s a different story for international buyers.
No credit check – and no need to prove where the money came from – as long as foreigners provide a 50 per cent down payment at the Bank of Montreal
Eby says there needs to be a level playing field.
“At the federal level, my god, they need to crack down and establish some basic rules around proving where your income is coming from if you’re a foreigner buying property in Canada.”
Eby says there should be additional restrictions for foreigners to curb Metro Vancouver’s housing crisis.
“They should be looking at making it more difficult for people who have difficulty proving where there money came from to buy hosing in our market, they need to require a paper trail from people about where their money is coming from.”
CKNW has reached out to the Office of the Superintendent of Financial Institutions – the body responsible for mortgage guidelines.