11–20 of 1001 posts
I would have thought that the pandemic and travel restrictions would have effectively “banned foreigners from buying homes” for 2 years. If home prices haven’t fallen during pandemic, then the reason why prices are high is not because of foreigners. The government is trying to point to a scapegoat rather than trying to get to the root cause.
I would have thought that the pandemic and travel restrictions would have effectively “banned foreigners from buying homes” for 2 years. If home prices haven’t fallen during pandemic, then the reason why prices are high is not because of foreigners. The government is trying to point to a scapegoat rather than trying to get to the root cause.
I would have thought that the pandemic and travel restrictions would have effectively “banned foreigners from buying homes” for 2 years. If home prices haven’t fallen during pandemic, then the reason why prices are high is not because of foreigners. The government is trying to point to a scapegoat rather than trying to get to the root cause.
I would have thought that the pandemic and travel restrictions would have effectively “banned foreigners from buying homes” for 2 years. If home prices haven’t fallen during pandemic, then the reason why prices are high is not because of foreigners. The government is trying to point to a scapegoat rather than trying to get to the root cause.
Trouble is that restricting foreign buyers is meaningless unless you also reign in corporate 'investment', as endless shell conpanies obscure the end benefactor
What you have to do is reign in buying houses as an investment by people who have no intention of ever living in them.
So why don't they build more homes?
It could be that there is a sufficient amount of housing (built or being built), but that it is often not occupied on account of just being an asset in a wealthy person’s portfolio. In this case it could be seen as wasteful to build more, and too much of an oversupply could lead to an economic collapse if it’s on a big enough scale. The other possibility is that they are building more homes, and want them to be purch…
Why wouldn't that wealthy person rent the property out and get better ROI? Keeping it empty does not make sense to me.
I wonder if the simpler solution would not be to require residence, for homes in popular locations.
In this case, you could just tax foreigners for owning property. Or you could tax non-residents for owning property.
A land value tax would be a good idea in general. But if it's politically necessary to restrict that to people from far away, that's still better than a ban.
According to the government's announcement linked to in the article, the actual proposal is subtly but importantly different: " imposing a two-year ban on foreign capital coming into Canada to buy residential real estate ".