US EditionEby rebuffs developers’ calls to loosen foreign investment rules in housing
BRITISH COLUMBIA, CANADA, JUL 31 – Premier Eby emphasizes protecting housing affordability by maintaining foreign investment restrictions to prevent speculative buying that inflated prices in British Columbia's market, officials say.
- On Wednesday, July 30, B.C. Premier David Eby rebuffed property developers’ calls to loosen foreign investment rules, rejecting proposals to relax both the federal foreign ownership ban and provincial foreign buyers’ tax.
- Developers are calling for a reconsideration of the federal foreign ownership ban, citing a slump in housing starts and worsening supply issues, recently highlighted in an open letter.
- Eby rebuffed calls to loosen foreign investment rules, citing a glut of vacant offshore-owned units and warning that foreign capital producing vacant developments will be rejected.
- Eby said foreign capital could help if it is directed to housing the province needs and affirmed “I don't see a reason to change that” regarding the investment rules.
- When the ban expires in 2027, some developers warn reinstating foreign investment for presales could benefit the housing industry under certain conditions.
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Total News Sources13
Leaning Left12Leaning Right0Center1Last UpdatedBias Distribution92% Left
Bias Distribution
- 92% of the sources lean Left
92% Left
L 92%
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