No foreign buyers ban

Premier John Horgan says he has plans to tone down speculation in British Columbia's real estate market, but banning foreign buyers is not one of them.

Horgan says 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.

Horgan says the government's February budget will include measures to dampen speculation and increase housing supply, but not a prohibition on foreign buyers.

He says he is prepared to face questions about B.C.'s real estate market during his trade visit to China, Korea and Japan that starts Saturday.

The former Liberal government introduced a 15-per-cent tax on foreign buyers purchasing real estate in Metro Vancouver in an effort to allow more B.C. residents to buy homes.

Horgan says a ban on foreign buyers sends the wrong signals to investors about B.C.'s open economy.

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