Liberals and NDP push feds for greater mortgage oversight on B.C. homes

With the City of Vancouver announcing a vacant home taxand theB.C. government imposinga foreign buyers tax, couldthe federal government be next?

The two main provincial parties hope so.

On Wednesday, each calledon the Canadian government to do more to help cool the Lower Mainland's housing market.

At a newsconference this afternoon, NDP MLA David Eby unveiled research showing nine university students had purchased $57.1 million in residential properties in Vancouver, with 70 per cent of that value tied tomortgages from Canadian banks.

"The question[that] should be asked is: did banks issues mortgages to people who have no apparent source of income?" said Eby.

Eby saidthe province should immediately review two years of transactions to see how common mortgages are for home buyers who have no perceived legitimate source of income.

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But he also said the provincial government needs to push the federal government to increase scrutiny of those from outside Canadalooking for mortgages here.

"It's absolutely outrageous that a Canadianthat's working, living and paying taxes in B.C has to provide even more information and cross even more hurdles than someone who is not a B.C. resident," he said.

"If you're not working in B.C., not living here, you should have to provide additional documentation to show your source of incomeand that yourmoney is coming from a proper source."

Minister wants fast-trackedinvestigation

British Columbia's housing minister is asking thefederal government to step up its efforts to crack down onreal estate money laundering.

Rich Coleman released an open letter to Jean-Yves Duclos, thefederal minister responsible for housing, asking that Ottawa collaborate with B.C. to solve the province's"critical" housing issues.

"The issue of housing affordability is complex and will requirea number of innovative solutions but by working with yourgovernment and all levels of government, we are confident thatsolutions can be found," the letter read.

Coleman called on the federal governmentto provide funding and land to buildaffordable housing and create tax incentives that will encourage thecreation of more rental units.

Coleman also said he'sencouraged the Canada RevenueAgency is taking more steps to find real estate tax evaders but wantsgovernment to expedite theprocess.

With files from Richard Zussmanand the Canadian Press