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.
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