Today in the legislature I introduced a Private Member’s Bill. If enacted, the Bill, entitled Land Title Amendment Act, 2015 would amend the Land Title Act to reintroduce and expand provisions that were previously in the Act. Such provisions will help determine who is purchasing property in BC. It would allow the government to determine foreign investment flows, the role corporations are playing, and whether we are seeing speculation in our market coming from other regions of Canada.
A. Weaver: I’m pleased to be introducing a bill that offers government one of the tools it needs to begin to properly assess and act upon the affordability and housing crisis affecting Metro Vancouver and emerging here in the capital regional district.
There’s been significant conversation in the past few months about the role that speculation is playing in our market. The government came out with a number of documents purporting that foreign investment wasn’t a factor. These studies were vague and lacked any links to clear, rigorous evidence that supported the claim.
It’s with this in mind that I bring this bill forward today. The bill amends the Land Title Act to provide the government with the means of determining who is purchasing property in B.C. This includes determining both foreign investment flows, the role that corporations are playing in purchasing property and if we have significant speculation coming from other places in Canada.
To be clear, this bill is not about identifying what specifically is driving housing prices to unsustainable rates but, rather, to ensure that government is informing itself so that any future policy measures are based on a better understanding of what is happening with our provincial real estate industry.
Media Statement: July 16, 2015
MLA Weaver Introduces Bill to help inform solutions to Affordability Crisis in Vancouver
Victoria B.C. -Victoria B.C. – Today, Andrew Weaver, MLA for Oak Bay-Gordon Head and Deputy Leader of the B.C. Green Party, tabled his private members bill that provides government with a tool to begin measuring the impact that speculation is having on affordability in Metro Vancouver.
“This is not about stopping the flow of investment or preventing growth in the real estate sector,” said Andrew Weaver. “We need to take serious and deliberate steps to smooth the rate of increase in prices to ensure that the region can manage the growth in a sustainable manner.”
If enacted, this Bill would amend the Land Title Act to reintroduce and expand provisions that were previously in the Act, which can help determine who is purchasing property in BC. It would allow the government to determine foreign investment flows, the role corporations are playing, and whether we are seeing speculation coming from other regions of Canada.
“Smart public policy requires good information about what action is needed,” said Andrew Weaver. “I am concerned that this government isn’t taking seriously the challenge of affordability that many people are experiencing in the Metro Vancouver. Strong, resilient communities are worth protecting.”
Mat Wright – Press Secretary, Andrew Weaver MLA
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