VICTORIA - British Columbia's housing minister is asking the federal government to step up on addressing housing woes in the province and hurry up in investigating money laundering in real estate.
Rich Coleman has released an open letter to Jean-Yves Duclos, the federal minister responsible for housing, asking the federal government to collaborate with B.C. to solve the province's "critical" housing issues.
The letter calls on Ottawa to provide funding and land to build affordable housing and create tax incentives that will encourage the creation of more rental units.
Coleman also says they're encouraged that the Canada Revenue Agency is taking more steps to find tax evaders in the real estate industry, but he asks government to expedite its process.
National Revenue Minister Diane Lebouthillier has asked the agency to look into the actions of some foreign investors following a Globe and Mail report that some people are allegedly profiting by evading taxes while buying homes in B.C.
Housing affordability has become a hot issue across B.C., as prices for detached homes reach unprecedented levels and vacancy rates for rental units shrink.
Steps have been taken to address the issue in Metro Vancouver, including the implementation of a 15 per cent tax on foreign buyers and plans for a levy on vacant homes.
Coleman's letter says the province needs help from the federal government in order to continue addressing the problem.
"The issue of housing affordability is complex and will require a number of innovative solutions, but by working with your government and all levels of government, we are confident that solutions can be found."
