Amid the inexorable growth of home prices in British Columbia (particularly in Vancouver), more and more voices are joining the chorus of calls for decisive federal intervention in the country’s housing situation.
In a September 14 press conference, NDP MLA David Eby put to task financial institutions that approve loans by foreign home buyers even without rigorous income verification, CBC News
“The question [that] should be asked is: did banks issues mortgages to people who have no apparent source of income?” Eby stated. “It's absolutely outrageous that a Canadian that's working, living and paying taxes in B.C has to provide even more information and cross even more hurdles than someone who is not a B.C. resident.”
“If you're not working in B.C., not living here, you should have to provide additional documentation to show your source of income and that your money is coming from a proper source,” Eby noted.
Meanwhile, B.C.’s housing minister Rich Coleman put the spotlight on the need for greater action on money laundering in the province’s real estate segment. Coleman also called on the federal government to supply additional funding for more affordable housing projects nationwide.
“The issue of housing affordability is complex and will require a number of innovative solutions but by working with your government and all levels of government, we are confident that solutions can be found,” Coleman said in a recent open letter to Jean-Yves Duclos, Minister of Families, Children and Social Development.