The provincial government confirmed the new restrictions on foreign real estate acquisitions this morning. We are now shifting our focus to monitoring the implementation process to ensure these policies are applied strictly. This outcome validates the data and pressure we applied to the ministry over the past months.
March 8, 2016
Final supporters
Take back your city!
Foreign ownership of real estate in Vancouver and the Lower Mainland is destroying our cities and way of life.
Any semblance of a healthy real estate market is gone and with it the hopes and dreams of countless families. House prices in Vancouver are completely detached from economic fundamentals and it is getting worse by the month. Home inventory is at near record lows and rental vacancy rate is near 1%.
Why is this happening? Offshore investment is taking over our city. Wealthy overseas investors are using our real estate as a place to store their wealth. They consider our homes safer than a bank and are using them in lieu of.
What's more, is that many of these offshore investors are taking advantage of loopholes to reduce or eliminate taxes paid on the sale of these houses thereby denying the Canadian taxpayers any benefit from their purchase.
Worse still, is that many of these homes are being taken off the market and sit empty thereby denying a home to a local family and driving up rents due to a reduced amount of housing stock available.
The time to act is now! As concerned citizens we are calling on our elected representatives to overhaul our laws regarding foreign ownership including:
- Limits on the purchase of homes by Non-Canadian residents for income tax purposes
- Immediate Collection of data indicating the origin of any real estate buyer in Vancouver and the lower mainland. No more “we don’t have the information”
- Collection of data indicating how many homes are unoccupied
- A special levy on all home purchases by non-Canadian residents for income tax purposes
Take back your city, take back your homes! Let’s make our elected representatives do their job and represent us!
Updates
January 6, 2016
I am currently organizing the data submitted regarding empty unit sightings to present to the provincial housing committee. Counsel is helping me draft a formal letter outlining specific tax loopholes that require legislative attention. Expect a summary of the feedback from those offices once the initial review period closes.
Reached 100 supporters
January 6, 2016
93 Comments
I make 100k plus annually and cannot afford to have a family let alone by a home in Vancouver or Greater Vancouver for that matter. I grew up in and work in Vancouver but feel displaced by foreign money that has driven the prices of Vancouver real estate way out of my sights
...and don't forget these wealthy off shore owners are not paying their yearly taxes, claiming that they are "low income" and don't pay for the social services they use. Sickening when you think of the people who could really use that money who really are low income.
Born and raised here and love my city. It's the best in Canada, and I expect to pay more to live here. But something is wrong when even the people earning top professional salaries can't get a reasonable place for their families.
I'm a homeowner in Vancouver - it's not just people trying to get into the market who are hurt by these insane price jumps. If you're ever planning to upgrade your property, these increases just make that harder. SOMETHING NEEDS TO BE DONE!!!
I would like to point out the bank are at fault too. I work at a bank and they offer higher leveraging mortgages to foreigners then resident with minimum paperwork compared to the locals
I blame the prime minister.
Our government needs to wake up; Vancouver has become a horrible place to live ;it's like being a stranger in your own home. Nobody but the foreigners have anything to gain and true Canadians lose.
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The provincial government confirmed the new restrictions on foreign real estate acquisitions this morning. We are now shifting our focus to monitoring the implementation process to ensure these policies are applied strictly. This outcome validates the data and pressure we applied to the ministry over the past months.
March 8, 2016
Final supporters
Take back your city!
Foreign ownership of real estate in Vancouver and the Lower Mainland is destroying our cities and way of life.
Any semblance of a healthy real estate market is gone and with it the hopes and dreams of countless families. House prices in Vancouver are completely detached from economic fundamentals and it is getting worse by the month. Home inventory is at near record lows and rental vacancy rate is near 1%.
Why is this happening? Offshore investment is taking over our city. Wealthy overseas investors are using our real estate as a place to store their wealth. They consider our homes safer than a bank and are using them in lieu of.
What's more, is that many of these offshore investors are taking advantage of loopholes to reduce or eliminate taxes paid on the sale of these houses thereby denying the Canadian taxpayers any benefit from their purchase.
Worse still, is that many of these homes are being taken off the market and sit empty thereby denying a home to a local family and driving up rents due to a reduced amount of housing stock available.
The time to act is now! As concerned citizens we are calling on our elected representatives to overhaul our laws regarding foreign ownership including:
- Limits on the purchase of homes by Non-Canadian residents for income tax purposes
- Immediate Collection of data indicating the origin of any real estate buyer in Vancouver and the lower mainland. No more “we don’t have the information”
- Collection of data indicating how many homes are unoccupied
- A special levy on all home purchases by non-Canadian residents for income tax purposes
Take back your city, take back your homes! Let’s make our elected representatives do their job and represent us!
Updates
January 6, 2016
I am currently organizing the data submitted regarding empty unit sightings to present to the provincial housing committee. Counsel is helping me draft a formal letter outlining specific tax loopholes that require legislative attention. Expect a summary of the feedback from those offices once the initial review period closes.
Reached 100 supporters
January 6, 2016
93 Comments
I was born and raised in Vancouver and now neither myself or my children have any chance of living there. There are empty houses everywhere with the foreign owners just waiting for prices to go up higher and higher.
I make 100k plus annually and cannot afford to have a family let alone by a home in Vancouver or Greater Vancouver for that matter. I grew up in and work in Vancouver but feel displaced by foreign money that has driven the prices of Vancouver real estate way out of my sights
...and don't forget these wealthy off shore owners are not paying their yearly taxes, claiming that they are "low income" and don't pay for the social services they use. Sickening when you think of the people who could really use that money who really are low income.
Born and raised here and love my city. It's the best in Canada, and I expect to pay more to live here. But something is wrong when even the people earning top professional salaries can't get a reasonable place for their families.
I'm a homeowner in Vancouver - it's not just people trying to get into the market who are hurt by these insane price jumps. If you're ever planning to upgrade your property, these increases just make that harder. SOMETHING NEEDS TO BE DONE!!!
I would like to point out the bank are at fault too. I work at a bank and they offer higher leveraging mortgages to foreigners then resident with minimum paperwork compared to the locals
I blame the prime minister.
Our government needs to wake up; Vancouver has become a horrible place to live ;it's like being a stranger in your own home. Nobody but the foreigners have anything to gain and true Canadians lose.
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I was born and raised in Vancouver and now neither myself or my children have any chance of living there. There are empty houses everywhere with the foreign owners just waiting for prices to go up higher and higher.