A Burnaby man has started a petition asking the federal government to track and curb foreign ownership of real estate.

Raymond Wong says on the petition site that he believes families and young professionals are being driven out, and seniors are being 'taxed' out due to soaring property values in the Lower Mainland.

• ANALYSIS: Governments terrified of popping Canada's foreign-buyer housing bubble

The petition is sponsored by Burnaby South NDP MP Kennedy Stewart and asks the Canadian government to take action on five fronts:

• Collect data on off-shore investment in Canada's real estate market.
• Investigate financial transactions flagged as suspicious by FINTRAC.
• Consider restricting foreign ownership.
• Demand real estate boards and lawyers disclose information about buyers and sources of incomes.
• Study the restrictions placed on off-shore investment by Australia, USA, Hong Kong, England, Singapore and New Zealand.

Home prices in Canada are at historic highs, with Vancouver and Toronto leading the way.

The average price price of a home in the Metro Vancouver area is up over 25% over last year according to numbers from the Canadian Real Estate Board.

About 2700 people had signed the petition as of 10:00 a.m. PT Monday morning. The petition has been up for just over a month.