Article content

VICTORIA — Premier John Horgan says he has plans to tone down speculation in British Columbia’s real estate market but they don’t include banning foreign buyers.

Horgan said Tuesday he rejects recent calls by Green party Leader Andrew Weaver to implement a New Zealand-style law that restricts the purchase of existing homes to residents of New Zealand and Australia.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or B.C. premier rejects call for foreign buyers ban days before Asia visit Back to video

The government’s February budget will include measures to dampen speculation and increase housing supply, but not a prohibition on foreign buyers, he said.

“I just don’t believe in an open economy that’s an appropriate way to proceed,” he said at his first news conference of 2018.

“I do believe we need to knock back speculation and make sure we are penalizing that behaviour in the interest of reducing demand and softening prices.”

Horgan said a ban on foreign buyers sends the wrong signals to investors about B.C.’s economy.