federal Prohibition on the Purchase of Residential Property by Non-Canadians Act
Limiting the ability of non-Canadians to purchase a home from Canada’s tight supply probably sounded like a reasonable measure in the middle of last year, when many seemed to agree that the housing market needed cooling. It made for good political sound bites, despite the fact that most foreign owners of residential property in Canada offer it for rent, thereby adding to the housing stock available to Canadians.
The legislation fails to acknowledge that the development industry, like virtually every other Canadian industry, relies on extensive investment and capital, often from foreign sources, to build the housing supply it makes available to Canadians, and that vacant land zoned for residential and mixed use is where future housing is typically built.
Already dozens of projects and tens of thousands of planned units across the country, all of which would have helped expand Canada’s housing supply in the future, have been affected and/or cancelled.
People purchasing investment property for rentals, whether Canadian or foreign nationals, do not help with the housing crisis or lack of affordable housing issue.
The federal governments intent on bringing in 500,000 immigrants; 300k of which will go straight to the gta, will cause further crises in healthcare, housing, social services and infrastructure. Canadians are hurting, and the focus should be on supporting EXISTING canadians.
Article submitted by a land developer, no less:-)
Ban ALL foreign housing investment from countries that ban foreign housing investments in their country. China India
Let's throw record numbers of immigrants into the mix. Things are sure to be great.
No shit
True, this legislation made for good political sound bites, but is absolutely useless and will only make our supply crisis worse. Sometimes politics does not equal good policy.
Fellating the *Canadian* wealthy not doing it for you anymore?
More than 3% to be held by a foreign investor is just too much!! 3% is lots$