Ban foreign real-estate purchases by individuals, corporations & partnerships-STOP IT NOW
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Real estate is not to be used as a commodity for offshore speculation-it should be ILLEGAL just as much as PRE-SALES (which are illegal in the U.S.A and European countries) of condominium developments that aren't even holes in the ground should be. Capital is being parked in B.C. especially in Vancouver/Lower Mainland and these speculators have never nor will they ever live here. That picture is just plain and simply wrong if not corrupt. We live in a beautiful province that used to be affordable for everyone living here, whether owned or rented. Offshore investors are buying up properties and consequently driving prices up beyond the reach of all of us, younger and older. It has also caused a dire housing crisis, a world-class city like Vancouver should not have as many homeless as it does, when properties are bought by developers to be redeveloped, where do the residents go when there is very little affordable rental stock? I believe a slow down on development is also needed (it is out of control like we have never seen it before, turning our once beautiful city into a concrete jungle) to dissuade offshore investment therefore putting real-estate closer to affordable for every level of income. The ten year plan on building affordable rental housing has come way too little too late. Let's stop this cycle of abuse and bring B.C., and in particular Vancouver/Lower Mainland back to the affordable, family oriented city it once was and which I once loved and where we raised our children who will be unlikely to afford to continue living where they were born (which is gut wrenching) or thousands of us for that matter.
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