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e-281 (Foreign ownership)

E-petition
Initiated by Raymond Wong from Burnaby, British Columbia

Original language of petition: English

Petition to the Government of Canada

Whereas:
  • According to the latest data released by the Real Estate Board of Greater Vancouver, the average price for single detached homes has skyrocketed over the past 10 years;
  • As priced continued to soar, families are unable to afford to live in and being driven away from Greater Vancouver as many school in Vancouver are in danger of being shut-down;
  • Many seniors on fixed incomes will be 'Taxed Out' of their homes due to increase in their property taxes;
  • Young professionals will be driven out seeking better opportunities in other cities; and
  • Rental units have also become unaffordable for families even with a household median income in Greater Vancouver of $74k.
We, the undersigned, Residents of Greater Vancouver, call upon the Government of Canada to: 1) Collect data on off-shore investment on Canada's real estate market and the extent of which housing vacancies, flipping and speculation are driving up homes prices;
2) Investigate financial transactions flagged as suspicious by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) and determine if any of them are linked to real estate purchases; and
3) If appropriate, require potential buyers to register with the government in order to buy a home and consider restricting foreign ownership to those who reside in the city for a certain period of time;
4) Demand real estate council and lawyers to disclose information of buyers and sources of incomes; and
5) Study the restrictions place on off-shore investment by Australia, USA, Hong Kong, England, Singapore and New Zealand.
Government response tabled on November 4, 2016 (Sessional Paper No. 8545-421-73-01)
Open for signature
April 8, 2016, at 12:48 p.m. (EDT)
Closed for signature
August 6, 2016, at 12:48 p.m. (EDT)
Presented to the House of Commons
Kennedy Stewart (Burnaby South)
September 21, 2016 (Petition No. 421-00576)
Government response tabled
November 4, 2016
Photo - Kennedy Stewart
Burnaby South
New Democratic Party Caucus
British Columbia