Petition calls for government restrictions on foreign homeownership

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Vancouver home via Shutterstock

parliamentary petition is calling on the federal government to intervene in foreign homeownership in Canada, including adding in restrictions and collecting proper data.

Petition e-281, initiated by Burnaby resident Raymond Wong, states that the government should collect data on foreign investment in Canada, and the extent to which housing vacancies, flipping, and speculation are driving up home prices.

Millenial homes

SEE ALSO: BC Housing to gather numbers on foreign homeowners

In appropriate circumstances, the petition notes foreign buyers should have to register with the government and live in the city for a prescribed period of time.

Other aspects of the petition include:

  • Demanding real estate council and lawyers disclose buyer information and income sources
  • Studying restrictions placed on foreign investment by Australia, USA, Hong Kong, England, Singapore, and New Zealand
  • Investigating financial transactions flagged as suspicious by FINTRAC and determine if they’re linked to real estate purchases

The petition is sponsored by Burnaby South NDP MP Kennedy Stewart, and has nearly 7,000 signatures at the time of publication.

British Columbians, unsurprisingly, have the most signatures on the petition at 6,045, with Ontario coming in second at 519.

Foreign homeownership has been a strong point of contention in Vancouver, where monthly real estate sales continue to break records, and demand far outstrips supply.

Petition e-281 is open for signatures until August 6, 2016.

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