Foreign Investment and the OCP

The latest data shows that 70% of all Single Family Homes in Vancouver are now being sold to offshore buyers from Mainland China as a way to park their money in our safe economy, thus turning our communities into a speculative stock market where our children can no longer afford to buy a single family home in their own hometown.

Charlie Kiers - the Chinese Buyers Connection

There is nothing wrong with diversity or immigrants choosing to move here. Canada has a long history of supporting new Canadians. However, this is about foreigners using our housing market as an investment to launder their money in our real-estate markets. Foreign buyers often pay way more than asking price in order to make a quick deal, with some individuals paying Canadian “smurfs” a 3% commission to help them illegally get their money out of China. Houses often stay empty and neglected, destroying our community with each new foreign real-estate purchase, and making the dream of a single family home unobtainable to most Canadians living in Vancouver. That’s not right.

Think this is an exaggeration? Check out this article on the exclusive PLS real-estate website targeted to wealthy Asians looking to invest in Canadian Real-Estate. Think there are other factors? Millionaire MigrantsNot according to UBC Geography Professor Dr. Ley who proved, in his book Millionaire Migrants, that there is a near 100% correlation to our housing prices and Foreign Real-Estate investment. He found that all domestic factors such as interest rates and local incomes have no significant affect on driving up prices at all.

Australia has taken action to curb this abuse. Meanwhile in White Rock, the role of the Official Community Plan (OCP) is to protect communities and value of citizen’s homes. The OCP Working Group responsible for reviewing the OCP is made up of ten individuals: Seven of which are either directly involved in the real-estate industry or are friends of someone on Council, or both. Hardly the kind of Community Representation that one might hope for!

What do you think?

Time for Action!

Frustrated by Mayor Baldwin and the Condo Coalition making decisions in secret in-camera meetings? Want to talk to a City Councillor who will listen to citizens? Join Councillors Dave Chesney and Helen Fathers on the first Saturday of each month at 10am at the White Rock Public Library.
November 7th 2015A good positive talk today about how we need to take back control of our Little City by the Sea, and start to foster that small town arts community that we all moved here for! The Mayor and Council only play lip-service to the arts while they focus on more towers and more density. We need to stop waiting for City Council to act, and make positive change ourselves. Contact Dave if you would like to get involved.

Some citizens talked afterward about the need to replace Mayor Baldwin and the Condo-Coalition with more City Council members like Helen Fathers and Dave Chesney who listen to citizens and want to improve our city for the benefit of all, not just help their developer friends make more profit.

While we could wait until 2018 for the next election, some people feel that the Mayor and Council are ignoring their Fiduciary responsibility to White Rock Citizens and that White Rock citizens should take City Council to court now. If you would like to take action now, let us know. If enough citizens are concerned and willing to donate time or money, who knows what positive change we can achieve?