Amid Vancouver’s housing crisis, most B.C. residents support banning foreigners from buying real estate in the province.
A new survey, by Research Co., found that 78% of British Columbians support implementing new government policies that restrict most foreign buyers from acquiring real estate.
Any such legislation would be similar to New Zealand’s ban, where foreigners without residency are unable to buy real estate.
Exceptions to that rule include residents from Australia and Singapore, due to free trade agreements.
Since the ban in New Zealand was implemented in 2018, some media reports show the country’s housing market, especially for upscale homes, has been moderated. However, prices are still high in many places, like Auckland.
Residents of Vancouver island as well as those between 35-54 years old are most likely to be in favour of this ban. Of these groups, 88% support adding a ban.
In 2016, B.C. added a Foreign Buyers Tax, which has considerably slowed down the housing market in the Vancouver region. This has particularly affected the luxury segment of Vancouver’s real estate market.
Do you think B.C. should implement this real estate ban?
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