CEO of RBC i.e Royal Bank of Canada weighed on housing crisis in Vancouver and called for government to clamp down on buyers from foreign.
David McKay called that foreign cash is getting “gasoline” to the Canadian real estate market at bank conference on Tuesday in New York.
He also said that they don’t need capital from foreign using Canadian real estate market like a piggy bank. You can know more about Real Estate in Canada that What, When, Where and How to Buy Real Estate in Canada.
He also said that they have got this detailed cocktail of factors which lead to the unconstrained growth in home price.
He also expressed taxes support and some other measures which target buyers from foreign in British Columbia. Andrew Weaver, B.C. Green Party Leader found himself nodding in number of agreements with comments by McKay.
He also said that they need all of the public support that they all need CEOs of RBC. Weaver is calling for ban on home buyers using capital from foreign and says that NDP is not doing well. A Little Book of Real Estate Investing in Canada is also available to know about Canadian Real Estate Market.
He also said that new tax rule in 2018 budget will punish Canadians and foreigners too. He also said that if government want to deal with which they get in legislation in next week to clamp down on home buying by foreigners in B.C. “This barrier is not a legislative, barrier is political will.”
Weaver is calling for a full ban on home purchases using foreign capital and says the NDP is not doing enough. He says the new speculation tax in the 2018 budget will punish Canadians as well as foreigners.
NDP has also said that there are number of measures which have been planned to tackle down the crisis which include cracking down tax fraud, money laundering and tax evasion.