Ottawa is spending $500,000 to help understand the role of foreign homebuyers in the country’s housing market.
The cash in the federal budget is going to Statistics Canada to help develop methods for gathering data on home purchases by foreign buyers.
The government says comprehensive and reliable data on the number of homes sold to foreign buyers does not exist right now.
READ MORE: Trudeau eliminates Harper-era tax credits
The plan may involve collaboration with the provinces, including British Columbia, which recently announced plans to have homebuyers disclose whether they are citizens or permanent residents of Canada or another country.
Many believe the Vancouver housing market has charged ahead in recent years due to an influx of wealthy foreign buyers.
The rapid rise in home prices has pushed the price of detached houses well over $1 million in Vancouver and raised questions about affordability and sustainability for the market.
After the budget’s release Tuesday, leader of the Official Opposition Rona Ambrose slammed the Liberal’s projected $29.4 billion deficit for 2016 as “a nightmare scenario” from a tax-payers point of view.
With a file from Global News
- Roll Up To Win? Tim Hortons says $55K boat win email was ‘human error’
- Bird flu risk to humans an ‘enormous concern,’ WHO says. Here’s what to know
- Halifax homeless encampment hits double capacity, officials mull next step
- Ontario premier calls cost of gas ‘absolutely disgusting,’ raises price-gouging concerns
Comments