Metro home sales slowdown ‘a good start,’ premier says

Real estate prices too high, and municipalities have to do their share to make homes affordable, Premier Christy Clark says

Premier Christy Clark

The B.C. government is preparing more moves to improve urban housing affordability, and is satisfied with the early results of the foreign buyer tax, Premier Christy Clark says.

While real estate prices in Metro Vancouver have remained high, the pace of sales has slowed by more than 20 per cent since an additional 15 per cent property transfer tax was imposed Aug. 2 on buyers who are not citizens or permanent residents.

“There’s a real affordability crisis, particularly in the Lower Mainland. That’s why we made the changes that we did,” Clark said Tuesday. “So when I see the new numbers and they tell us that they’ve slowed down the price increases for housing, I say good, because that’s what we were trying to do. We’re going to have a lot more to do, and we’ll watch the numbers in the coming months, but I think it’s a good start.”

Clark said it’s too early to assess the effect of the new tax, but the government has no plans to change the foreign buyer tax rate or the new “luxury tax” on homes valued at more than $2 million.

With municipal politicians gathering in Victoria to meet with cabinet ministers in late September, Clark suggested they should be prepared to deal with the short supply of urban housing.

“We’ve heard that there’s something like 150,000 units that are today languishing in the planning departments of cities,” Clark said. “Some of them have been sitting there for seven years, It’s not a question of are we going to do more, because we are going to do more.”

 

Just Posted

Two women recognized for multiculturalism, anti-racism work in Surrey

Awards ceremony held on International Day for the Elimination of Racial Discrimination

VIDEO: One person in hospital after head-on crash in Delta

Ladner Trunk Road between 80th and 72nd Streets is closed. Police say to avoid the area.

Homeless deaths in Surrey quadruple between 2007 and 2016

Deaths in the city spiked in 2015 from the previous year

Surrey’s truck survey closes Sunday

‘Sustainable solutions for authorized commercial truck parking’ sought

Sunny’s Bridal in Surrey to showcase at Vancouver Fashion Week

Business got its start in south Vancouver in the 1990s

VIDEO: Restaurant robots are already in Canada

Robo Sushi in Toronto has waist-high robots that guide patrons to empty seats

Vancouver Giant named to Western Conference first-tier all-star team

Young hockey defenceman Bowen Byram is once again lauded for his outstanding efforts on the ice

Permit rejected to bring two cheetahs to B.C.

Earl Pfeifer owns two cheetahs, one of which escaped in December 2015

Real-life tsunami threat in Port Alberni prompts evacuation updates

UBC study says some people didn’t recognize the emergency signal

Care providers call for B.C. seniors’ watchdog to step down

The association also asks the province to conduct an audit and review of the mandate of her office

Nitro Cold Brew Coffee from B.C. roaster recalled due to botulism scare

“If you purchased N7 Nitro Cold Brew Coffee from Cherry Hill … do not drink it.”

North Delta happenings: week of March 21

Events, courses and clubs listings for North Delta

B.C. man gets award for thwarting theft, sexual assault – all in 10 minutes

Karl Dey helped the VPD take down a violent sex offender

Baby left alone in vehicle in B.C. Walmart parking lot

Williams Lake RCMP issue warning after attending complaint at Walmart Wednesday

Most Read