Canada banning foreign buyers
- Thread starter Bored2022
- Start date
Agree.
Also I noticed that students are exempt.
How difficult will it be for people to just buy it in their kids name?
It's like everything the government does. They talk the talk but don't walk the walk.
Do it right, ban all foreign ownership with no exceptions with severe penalties if caught .
Neighbour works at OREA and said this is all a big joke and that big buyers have already snapped up the properties before this shit show of denying foreign money to buy, basically this is all just smoke and mirrors to make it seem like they're doing something about it.
You want to avoid empty houses? Make it easier for landlords to evict non-paying tenants and allow to have damage deposits. With current law I cannot blame people for keeping empty houses instead of renting them out.
I hope you understand that it will not solve the systematic problem: home owners do not want to put up their houses for rent because they are helpless against renters. Renter's protection works exactly the same way as minimal wage: it helps people who are renting now and do not wan to move (i.e., "workers who have a job") but hurts people who want to rent something else or first time renters (i.e., "unemployed" in my labour market analogy) since noone want to rent to them. I do not rent to anyone who does not have a steady job and making at last $100K. I do not care about credit rating - all I care is about stable paycheck my renters are getting. I would be wiling to rent to someone with lower income if I would be able to request a deposit and be able to evict them for non-payment withing a month or two (whatever their deposit covers) but, since I am not allowed to do it, I would rather have my rental property siting empty. What do you think leads to higher GDP: requesting that firms produce more product and sell it cheap or letting them decide how much to produce and charge? I think, the USSR example taught a valuable lesson about the command economy, but some people are too young to remember it.
at the end of the day, the underlying issue is the financialization of housing. and, investors who bought in london, NYC, LA, hong kong, seoul and other metropolitan cities were looking elsewhere for opportunities and it was canada's turn (namely vancouver and toronto).
but, the financialization of housing isn't gonna go away (even pierre poilievre and his wife own properties), so the mindset has to change that renting is OK (like in europe).
but, the financialization of housing isn't gonna go away (even pierre poilievre and his wife own properties), so the mindset has to change that renting is OK (like in europe).
People buying houses to rent them out - increases the supply of rental properties. Yet the same people lamenting this are complaining of a shortage of rental housing. And whether you believe it or not, the cost to rent is, over time, a supply and demand market. More rental properties will mean lower rents.
And all of the rules against foreign ownership, vacant houses, etc. will do squat. These are red herrings, things politicians grab for political points.
Overall it is more demand than supply. Our zoning rules, our nimby isms, our long times for development. And all the various "authorities" and levels of authority. If this could all be streamlined, and costs capped, there would be a vast increase in house, apartment, condo, development.
And all of the rules against foreign ownership, vacant houses, etc. will do squat. These are red herrings, things politicians grab for political points.
Overall it is more demand than supply. Our zoning rules, our nimby isms, our long times for development. And all the various "authorities" and levels of authority. If this could all be streamlined, and costs capped, there would be a vast increase in house, apartment, condo, development.
Nothing will change, this is all a charade just to show Trudeau is doing something. The reality is only a small portion of houses are owned by foreign investors. The real culprit is mass immigration. This is the main reason house prices and rents are so high. Too much rapid increase in demand due to rapid population growth but supply of houses are not keeping up pace, plus in Toronto they rent out their basements so many people who are able to afford to buy their new home can easily by other homes and give it for rent thereby using it as a business to make more money. Since 1975 the amount of new multi-unit apartment buildings built has been very less due to the government cutting subsidies and installing too many rules that protect tenants (rules that protect many bad tenants also) making it less attractive for investment. Trudeau's mass immigration policy turned building condos into a gold mine. Trudeau refuses to cut down on immigration as this is how he gains control of parliament (most immigrants give their vote to Trudeau because they want all their family members to come to Canada). Toronto is usually the first place immigrants go to, Trudeau has a special agreement with Indians and is making their immigration very easy. Since Trudeau got elected Indian immigration has surged to 200% more then before, Toronto is full of Indians, Brampton is almost all Indians. Any wonder there is a housing crisis. There needs to be a moratorium on immigration. Do not believe me? Look at history, every major city with excessive immigration suffered from a very high cost of living (London, UK and New York City among the examples). Ontario people like to give their vote to the Liberals handing Trudeau a win each time. Time to vote him out. He is the problem. One last thing to mention is also zoning rules, Canada has far too many rules making it hard and slow to build new houses making the situation worse plus the low interest rates and Trudeau printing too many bills thereby causing inflation. But the lefts contradiction is they want to densify cities and cause gentrification. In essence their goal is to turn Canadian cities into places like Shanghai, very densely populated over crowded cities with tall 50+ stories buildings everywhere and everyone drops their cars to use public transit (UN vision). Over population benefits government and corporations a lot as they make a lot of money off this.
There now, edited to reflect all the red herrings constantly, repetitively and incessantly stoked by the those < investors, real estate agents/brokers, developers, profiteers et al > that have raped and monetized the social compact of housing to house human beings.
Vomit whenever we hear the "informed expertise" of those who gladly profit from human misery.
