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e-281 (Foreign ownership)

42nd Parliament
Initiated by Raymond Wong from Burnaby, British Columbia, on April 8, 2016, at 12:48 p.m. (EDT)
keywords
Foreign investments in Canada
Real estate
Vancouver
Government Response Tabled

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.
Burnaby South
NDP
British Columbia
Petition presented to the House of Commons on September 21, 2016 (Petition No. 421-00576)
Government response tabled on November 4, 2016 (Sessional Paper No. 8545-421-01)
Open for signature : April 8, 2016, at 12:48 p.m. (EDT)
Closed for signature : August 6, 2016, at 12:48 p.m. (EDT)
Province / Territory
Signatures
Alberta
278
British Columbia
9892
Manitoba
51
New Brunswick
12
Newfoundland and Labrador
8
Northwest Territories
6
Nova Scotia
28
Nunavut
1
Ontario
970
Prince Edward Island
3
Quebec
75
Saskatchewan
25
Yukon
3
Other Countries
109
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