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Blame foreigners for artificially high housing prices in Canada? It's no secret that many condos and houses are owned by foreign investors. If that results in the inability of Canadians to buy a house, then I suppose the government that supports cleaning up foreign investment in Canada is the best choice.
"it's been that way for a lot longer than the latest influx of Chinese in the 90's"
Why blame them for anything? They have the money and they're spending it in Canada. Why would any government "clean up" foreign investment?
Protectionism, whether applied to the housing market or any other segment of the economy, has a nasty habit of biting you in the hiney.
Foreigners driving up the housing prices due them wanting to live here is not necessarily a bad thing. They bring cash and are prepared to spend it.
Why blame them for anything? They have the money and they're spending it in Canada. Why would any government "clean up" foreign investment?
Protectionism, whether applied to the housing market or any other segment of the economy, has a nasty habit of biting you in the hiney.
Foreigners driving up the housing prices due them wanting to live here is not necessarily a bad thing. They bring cash and are prepared to spend it.
Sounds like down right socialism borderline communism to me, to get the government involved in free enterprise and "clean up" the market with a top-down political directive.
I would like to buy a house because I want a space that is mine - I can do what I want with it. Here in Ohio, that's possible. Were I in Toronto or Vancouver, probably not.
In essence, people live beyond their means to keep up with everybody else, and because they can. The property bubble will burst in Canada and it's going to be messy.
I would like to buy a house because I want a space that is mine - I can do what I want with it. Here in Ohio, that's possible. Were I in Toronto or Vancouver, probably not.
In essence, people live beyond their means to keep up with everybody else, and because they can. The property bubble will burst in Canada and it's going to be messy.
Oh yes, I'm sure it will burst, according to all the armchair experts ever since like 1998?
Oh yes, I'm sure it will burst, according to all the armchair experts ever since like 1998?
When the median home price in Vancouver is 1.5 million (detached), something has gone awry. Average prices in July 2015 were 9% higher than July 2014 across the country. Even back home in Nova Scotia, home prices are ridiculous compared to incomes. The average home price in metro Halifax is 300k - who the hell is buying those homes? It's not a wealthy city.
No worries, people said the same thing in the US as late as 2007. Then POP! It's coming. The only reason it hasn't so far is because of artificially low interest rates.
Living alone I would be fine in a one bedroom condo in the centre of the city. But if I were to get a family I would be much more comfortable living in a big house with a yard out in the suburbs.
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