Do you foresee a ban on foreign buyers?

“I don’t believe Vancouver will ban international buyers. The government has already implemented a tax on non-resident buyers, and this is enough.

We are a mosaic of various cultures. I work with people from all over the world looking for a better life in Vancouver. Welcoming other cultures through immigration is what makes Canada so special. Vancouver, in particular, is a safe and beautiful city to live in, surrounded by nature – and therefore it is a desired location for people to settle with their families. Disallowing foreign ownership would be contrary to the principles our country was built on.”

“No, I can’t see a ban happening. It’s just not necessary ... the latest housing statistics show that foreign ownership comprises a small percentage of residential property ownership – less than 5%.

Many factors will naturally keep foreign ownership at bay, including [Toronto’s] 15% foreign buyer’s tax, double land transfer taxes in Toronto and Vancouver, the new stress test rules, and many lenders scrutinizing their own foreign buyer mortgage qualification policies.

The rules of supply and demand are the main reason housing prices keep rising, not an influx of foreign buyers.”

“Ontario’s Ministry of Finance indicates that foreign buyers contributed to 7.1% of purchases in the city of Toronto and 4.7% in the Greater Toronto Area. To impose a nationwide ban when the foreign buying is fairly insignificant would be a big mistake. Foreign buyers are not the problem.

To discriminate against foreign buyers sends a clear message that Canada is closed to foreign investment. It could trigger more of a correction than desired, given that approximately 66% of Canadians are homeowners. The government’s unwarranted interference could directly hurt the market and Canadians’ greatest asset: their property