The cause of the housing crisis is a surge in demand coming from Chinese money flooding into and around gateway cities around the world through a variety of schemes. Our gateway city is Vancouver.
Clearly, a ban on foreign ownership is long past due. Restricting foreign ownership of real estate is done in China, New Zealand, Singapore, Mexico, Australia and Denmark, for good reason: Shelter is one of the three main human needs, along with food and clothing.
The B.C. Liberals did nothing to check the crisis by collecting no data (no data equals no problem, and vested interests are kept happy). The median housing value to median household income ratio has risen to 11 times in Vancouver and 8.3 times in Victoria. You need 11 times your income to purchase a house. My kids, born in Victoria, cannot afford a house in their own town.
What NDP/Green government policies can possibly address the cause of the crisis? Only dealing with more construction and money laundering through B.C. casinos does not address the scale of the problem. Foreign money-transfer schemes, including absentee purchases, must be stopped cold, as is done in more caring jurisdictions.
The government should bring in a ban on foreign ownership of real estate in B.C. It’s B.C. citizens that it represents.
Ron Kot
Victoria
