May 20, 2016

“Don’t mess with my lottery winnings”

From the Vancouver Courier – North Shore real estate: The new gold rush



Some jurisdictions in other parts of the world don’t allow non-citizens to buy certain types of housing or place limits on that. Others levy hefty taxes on foreign capital entering the real estate market. Additional taxes on speculators who rapidly flip property and on purchases at the top end of the market have also been suggested.

But so far, “British Columbia has none of these things,” said David Eby, the NDP critic for housing, who has often lambasted the provincial government about inaction on the topic.

“I’m blown away that B.C. and Canada seem to be the only jurisdictions who are not taking the issue seriously.”

Such measures could have an impact, said Ley.

“In my perception, price increases enter the market through the top end and trickle outwards into lower priced areas,” he said. “If you can stop the rapid increase at the top, that’s a helpful thing to do.”

But not everyone — particularly in government — thinks that is a good idea.

“I don’t think the government’s planning to do anything to pull the rug out from under these prices,” said Ralph Sultan, MLA for West Vancouver – Capilano.

“One’s home is typically the biggest asset anybody has,” he said, adding government interferes with that value at its peril.

“Anything the government does is probably going to have an adverse financial impact on a lot of people and these people are constituents and they are voters.”

Cameron finds that argument disheartening. “What you’re saying is ‘I won the lottery. Don’t mess with my lottery winnings.’”


Full article here.

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