http://www.theprovince.com/Vancouve...g+speculation+real+estate/11076030/story.html
As citizen anger over foreign investment and skyrocketing real estate prices boils over in Metro Vancouver, Mayor Gregor Robertson has called on Premier Christy Clark to intervene in property markets with a “speculation tax.”
Robertson’s office said Friday afternoon that the mayor told Clark in the past week that the province needs to take action.
His surprising policy announcement — seemingly the first time Vancouver’s mayor has called for direct government intervention in the city’s booming housing market — comes as a growing number of citizens have demanded actions like those taken in Australia, or Hong Kong.
“We definitely need taxation tools that discourage speculation on real estate,” a statement from Robertson says. “It’s clear that rampant speculation on real estate is driving up prices in Vancouver. Vancouver needs the B.C. Government to take action on creating a speculation tax and recognize that we need a fair and level playing field to make housing more affordable for residents in Vancouver, and throughout the province.”
Robertson was not available for interviews Friday afternoon.
The call for a tax comes less than a week after Robertson sold his Kitsilano townhouse after 21 months of ownership, for a profit of more than $223,000.
Frustration at being blocked out of Vancouver home ownership is rising among young professionals. Recently a number of people have rallied around the #DontHave1Million campaign on Twitter – and the group is behind a rally for affordability planned in downtown Vancouver Sunday.
And so far 24,000 people have signed an online petition demanding action from Clark and Robertson on foreign investment – seen by many as the root cause of spiking real estate prices.
“The housing needs of Greater Vancouver residents are more important than the profit margins of foreign speculators,” the petition states. “Australia has already restricted foreign investment in residential real estate—what are we waiting for?”
Vancouver council has tasked city staff with studying whether Vancouver has a problem of vacant properties due to investment. But Robertson and his government have stressed that they don’t believe foreign investment is the cause of the city’s skyrocketing unaffordability. The city has limited policy tools to limit speculation, according to Robertson and Vision Coun. Geoff Meggs, who have argued the provincial and federal government should take the lead on questions around spiking real estate prices and concerns of absentee ownership and money laundering in B.C. Property.
Premier Clark was asked recently by reporters if she would consider taking action on foreign investment.
“By trying to move foreign buyers out of the market, housing prices overall will drop,” Clark said. “That’s good for first-time home buyers but not for anybody who is depending on the equity in their home to maybe get a loan or use that to finance some other projects.”
Clark was not immediately available for comment Friday afternoon.
As citizen anger over foreign investment and skyrocketing real estate prices boils over in Metro Vancouver, Mayor Gregor Robertson has called on Premier Christy Clark to intervene in property markets with a “speculation tax.”
Robertson’s office said Friday afternoon that the mayor told Clark in the past week that the province needs to take action.
His surprising policy announcement — seemingly the first time Vancouver’s mayor has called for direct government intervention in the city’s booming housing market — comes as a growing number of citizens have demanded actions like those taken in Australia, or Hong Kong.
“We definitely need taxation tools that discourage speculation on real estate,” a statement from Robertson says. “It’s clear that rampant speculation on real estate is driving up prices in Vancouver. Vancouver needs the B.C. Government to take action on creating a speculation tax and recognize that we need a fair and level playing field to make housing more affordable for residents in Vancouver, and throughout the province.”
Robertson was not available for interviews Friday afternoon.
The call for a tax comes less than a week after Robertson sold his Kitsilano townhouse after 21 months of ownership, for a profit of more than $223,000.
Frustration at being blocked out of Vancouver home ownership is rising among young professionals. Recently a number of people have rallied around the #DontHave1Million campaign on Twitter – and the group is behind a rally for affordability planned in downtown Vancouver Sunday.
And so far 24,000 people have signed an online petition demanding action from Clark and Robertson on foreign investment – seen by many as the root cause of spiking real estate prices.
“The housing needs of Greater Vancouver residents are more important than the profit margins of foreign speculators,” the petition states. “Australia has already restricted foreign investment in residential real estate—what are we waiting for?”
Vancouver council has tasked city staff with studying whether Vancouver has a problem of vacant properties due to investment. But Robertson and his government have stressed that they don’t believe foreign investment is the cause of the city’s skyrocketing unaffordability. The city has limited policy tools to limit speculation, according to Robertson and Vision Coun. Geoff Meggs, who have argued the provincial and federal government should take the lead on questions around spiking real estate prices and concerns of absentee ownership and money laundering in B.C. Property.
Premier Clark was asked recently by reporters if she would consider taking action on foreign investment.
“By trying to move foreign buyers out of the market, housing prices overall will drop,” Clark said. “That’s good for first-time home buyers but not for anybody who is depending on the equity in their home to maybe get a loan or use that to finance some other projects.”
Clark was not immediately available for comment Friday afternoon.
