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Canada bans most foreigners from buying homes

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Re: Canada bans most foreigners from buying homes

#21

Post by JCharante »

cainxinth wrote: post #20
kennend3 wrote: post #16

Earlier quoted context omitted.

Well, there are fines for helping bypass the laws. "The Act has a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the Act. If a court finds that a non-Canadian has done this, they may order the sale of the house." I would assume opening a numbered corp to own the house would fall under this category? Most of the "super-rich" owned houses in Canada are alr…

Seems like that will just drive the foreign super rich to ‘buy’ citizenships too. With enough money and in-country fixers/ lobbyists, that’s usually not unobtainable in most countries.

The downside is the requirement to stay in Canada during that time. Plenty of people don't want to do it so they commit fraud

https://www.scmp.com/week-asia/society/article/2158716/speci...

Re: Canada bans most foreigners from buying homes

#23

Post by Jemm »

Canada is also bringing in one million immigrants a year to feed the exploitative low paying job market and to try to stave off recession. These immigrants tend to gravitate in either Toronto or Vancouver.

Meanwhile corporate and rich investors are snapping up any property they can get their hands one.

In Ontario the Premiere is reclassifying conservation land owner by his buddies to allow them to build developments. In Toronto they tore down a vital section of the main highway to allow their buddies to build condos. The also allowed polluted lands to be developed a residential by simply putting a thin layer of top cover over the industrial pollution.

The foreign ban is only for high density areas. Small towns and rural land have become unaffordably for the people who grew up there.

It is a major catasrophe that is not being solved, just postponed by a year.

Re: Canada bans most foreigners from buying homes

#24

Post by ravendug »

Jemm wrote: post #23

Canada is also bringing in one million immigrants a year to feed the exploitative low paying job market and to try to stave off recession. These immigrants tend to gravitate in either Toronto or Vancouver. Meanwhile corporate and rich investors are snapping up any property they can get their hands one. In Ontario the Premiere is reclassifying conservation land owner by his buddies to allow them to build developments.…

It’s nowhere near 1 million per year. The record from 2021 was 405,000 and the plan for the next 3 years is https://www.canada.ca/en/immigration-refugees-citizenship/ne...

Re: Canada bans most foreigners from buying homes

#25

Post by verdenti »

Jemm wrote: post #23

Canada is also bringing in one million immigrants a year to feed the exploitative low paying job market and to try to stave off recession. These immigrants tend to gravitate in either Toronto or Vancouver. Meanwhile corporate and rich investors are snapping up any property they can get their hands one. In Ontario the Premiere is reclassifying conservation land owner by his buddies to allow them to build developments.…

As a Canadian, Canada needs way more people for how much habitable land we have.

Re: Canada bans most foreigners from buying homes

#26

Post by blitzar »

feet wrote: post #15
blitzar wrote: post #8

Earlier quoted context omitted.

> and do absolutely nothing to the big $$ driving home prices up Are the price rises because 1 person bought a penthouse for $100mil or because a million 'normal' people outbid each other for the 100k house in the suburbs?

Or perhaps because one corporation is outbidding a million normal people for 100k homes?

Sounds a bit like zillow buying up 100k properties for 200k and then selling them on a few weeks later for 90k.

I dont see that as much of a problem personally.

Re: Canada bans most foreigners from buying homes

#27

Post by feet »

blitzar wrote: post #26
feet wrote: post #15

Earlier quoted context omitted.

Or perhaps because one corporation is outbidding a million normal people for 100k homes?

Sounds a bit like zillow buying up 100k properties for 200k and then selling them on a few weeks later for 90k. I dont see that as much of a problem personally.

Well most of the companies doing this aren't completely harebrained and they actually capture rental markets, Zillow is an outlier

Re: Canada bans most foreigners from buying homes

#28

Post by kennend3 »

Jemm wrote: post #23

Canada is also bringing in one million immigrants a year to feed the exploitative low paying job market and to try to stave off recession. These immigrants tend to gravitate in either Toronto or Vancouver. Meanwhile corporate and rich investors are snapping up any property they can get their hands one. In Ontario the Premiere is reclassifying conservation land owner by his buddies to allow them to build developments.…

Instead of being critical of the decisions of others, what do you suggest?

Arm chair critics are a dime a dozen, what are your ideas on how to address the housing problems?

Re: Canada bans most foreigners from buying homes

#29

Post by daqhris »

AbrahamParangi wrote: post #22

Of all the things that a person can own, land seems the least justified to me. There is a finite amount of it, you did not create it, you cannot destroy it, and essentially all ownership derives from conquest, in recent or ancient history.

Land is where you can build a shelter. My current experience as a refugee made me realize the importance of shelter and food. The rest comes afterwards.

Basically, all land on Earth has an owner. Be it individuals, corporations or governments. It's finite, so highly valuable.

I'm currently unable to return safely to my homeland because the current land owners marked me as an adversary. I wish it wasn't the case but societal rules have been this way since ever.

It's thousand times easier to me to build something, by using software, in the metaverse/on internet. In the real world, I now have no place to call home, except refugee camps and squats in abandonned buildings.

Re: Canada bans most foreigners from buying homes

#30

Post by xkcd-sucks »

AbrahamParangi wrote: post #22

Of all the things that a person can own, land seems the least justified to me. There is a finite amount of it, you did not create it, you cannot destroy it, and essentially all ownership derives from conquest, in recent or ancient history.

Land seems like one of the oldest and most "natural" forms of ownership -- Many animals, plants, bacteria, fungi will establish territory and defend it against conspecfics and competitors
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