THUNDER BAY – POLITICS 2.0 – The New Democrats in a release state that, “As housing affordability continues to dominate political discourse across Canada, controversy is mounting in British Columbia over attempts by Liberal insiders and real estate influencers to weaken or eliminate the federal foreign buyers ban.”
Vancouver real estate marketer Bob Rennie—a long-time industry voice with political clout—stated publicly he is “working with [Mark] Carney” on a plan to allow foreign investors to purchase pre-sale condo rentals in Canada, a move he framed as sending a message that “we are open for business.”
The New Democrats say this proposal has drawn sharp criticism from housing advocates who see the foreign buyers ban, introduced in 2023, as a modest but necessary tool to help cool overheated urban markets. Rennie’s comments, suggesting a collaboration with former Bank of Canada Governor and potential future Liberal Prime Minister Mark Carney, have intensified scrutiny of Liberal Party ties to the real estate lobby.
Mark Wiens, the Liberal candidate in Vancouver Centre, according to the New Democrats is also under fire for pushing to undo the ban. A realtor by trade, Wiens has openly marketed B.C. properties to non-resident Chinese buyers and has admitted this contributes to price escalation.
“By taking properties to China, are we getting our clients a higher price, therefore raising the price overall? I’d say yes,” Wiens told Global News.
When pressed about whether he was part of the affordability problem, Wiens responded:
“Again, you’d have to define what an unaffordable problem is… I don’t think I’m creating a problem at all. I think I’m creating solutions.”
Wiens has advocated for a partial rollback of the foreign buyers ban, suggesting it be amended to allow presale condo purchases by foreign nationals—a proposal that mirrors Rennie’s.
The candidate’s real estate practices and public comments have prompted widespread criticism from affordability advocates and have been covered by outlets including Global News, CityNews, CTV, and Daily Hive.
While this controversy is centreed in Vancouver, its ripple effects are felt in communities across Canada, including Thunder Bay and Northwestern Ontario, where local officials and residents are grappling with housing supply challenges of their own.
Although foreign buyers are less active in smaller urban centres, any federal rollback could reignite speculative interest in mid-sized markets as investors search for new opportunities.
Critics argue that welcoming foreign capital back into Canada’s housing market—particularly under the guise of new Liberal housing policy—undermines affordability efforts and signals a return to a status quo that favoured investors over residents.
