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B.C. Municipalities Call On Province To Tackle Real Estate Speculation

B.C. municipalities call on province to tackle real estate speculation

By Joannah Connolly for Vancouver Courier

As mayors and provincial leaders gather for the annual Union of B.C. Municipalities summit in Whistler this week, the union is taking the opportunity to renew calls for the province to do more on real estate speculation.

In a document submitted to the province in August, the UBCM said the proposed homeowner registry, announced by the B.C. government in June to shine a light on who is buying B.C. real estate, was “an important first step.” But it added that this legislation needed to be “in conjunction with a broader suite of measures to promote affordability.”

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Those additional measures include all levels of government co-operating on the publication of real estate sales data such as condo presale contracts, as well as setting out additional data needs, cracking down on real estate tax evasion and improving co-ordination of regulatory agencies, including the CRA and Fintrac.

The UBCM document stated, “It is well known that Vancouver has become one of the least affordable places to live in the developed world, and that the housing situation in Metro Vancouver has reached a crisis point.”

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