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B.C. Mayors Start Targeting Speculators To Cool Housing Prices

B.C. mayors start targeting speculators to cool housing prices

The province’s mayors and councillors brought a sharp new focus Thursday to finding effective ways to cool intense foreign and domestic speculation in housing.

The Union of B.C. Municipalities announced 32 recommendations designed to fix the home ownership and rental crises that have devastated many residents of Metro Vancouver.

“B.C.’s housing policies are no longer working,” said Port Coquitlam Mayor Greg Moore, chair of the Metro Vancouver regional district. He emphasized how the development industry’s push to solve housing unaffordability by building more units has failed to curb out-of-control house prices and rental costs.

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A major UBCM report, A Home for Everyone: A Housing Strategy for B.C., outlined what it called four distinct policy “shifts,” including heightened emphasis on increasing the number of rental units, more innovative ways to combat homelessness and working far more collaboratively with federal and provincial governments.

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