The chart:
See the article for their thoughts/analysis
That’s fucked… I can’t ever move unless I want to change my entire lifestyle and by that I mean eating food.
no matter where I’d move I’m paying well over double what I pay now.
The solution is to ban foreign ownership and anything that is foreign owned needs to be sold within 12 months or it becomes property of the state.
No, the solution is that corporations are banned from owning housing, and no individual be allowed to own more than 2 properties.
Housing being a portfolio asset and not a necessity is what has caused this mess, not foreign influence.
CRA needs to stop making real estate a tax haven. But we are now so over leveraged as a country, any changes would collapse Canada into a failed state. >80% of all the wealth in this country is now trapped in real estate.
Agreed, But also, non-citizens should never own property
Foreign ownership is a red herring.
You actually want to end this? End the principle residence tax exemption.
I want it all to end lol. There are many reasons. And many parts of a solutions. They all need to happen. No non-citizen ownership of land. No corporate ownership of single family homes. No more than two homes per person, and maybe only one can be rented.
Whatever rules keep costs down and investors out. I’m down for everything.
This is proven bullshit. The problem is thousands of Terry and Barb Boomers investing in real estate speculation.
Next, blame immigrants.
Proven? Show me the data.
Workaround : a company bought it, Investors are in another couple of offshore company, no names.
This game has been played by money Laundering folks a d foreign investment companies, sounds good as a headline but putting it in practice is way harder.
No corporation should be able to possess a single-family home. It’s pretty easy to tell when something’s a shell company for a foreign owner. Just do it. The government needs to get off it’s fucking ass
I don’t think anyone disagrees, you’re just about 35 years too late.
When corporations were starting to claim “rights” as a person would in the early 90s, many people objected loudly. Money is louder.
I’m not about 35 years too late. I’m saying we take it and if they have a Problem… They can go to a court and get rejected. And if the court doesn’t reject them, break the legs of the court. Do it French style.
Of course, that won’t happen… Whatever the States are doing as well should be expected in about five or 10 years.
The legal mechanism to do this already exists.
Perfect. Grab it up.
Oh, I see. We’re describing our fantasy solutions.
Right, because there are no solutions anymore. No policies will ever pass that hurt the rich.
Foreign ownership of housing is a small part of the issue.
spoiler
(Source)
Canadians are very content to collect rents from each other. You could ban foreign ownership entirely and it won’t make housing affordable.
but chinese money is too good to miss for canada though.
/s
I would also say that no one should have any more than 2 parcels of land, anymore gets taxed heavily to make renting not worth it.
Businesses should also have a limit on how many properties they own. Shouldn’t be able to create a Blackstone situation where they own a good portion of all properties in an area.
Limit it by # of properties of hectares/acres in area.
Very good ideas
I’ve been keeping an eye on Burnaby. In 2023 they created a municipal housing authority to build public housing which will, in my opinion, do a lot to fix housing affordability. Once their buildings actually start getting built, assuming they don’t fuck it up, maybe I could move back to civilization.
It’s extremely naive to think building more housing will make housing cheaper. Cities like Vancouver and Toronto wil never tell you how many empty houses and condos are sitting unused on speculation.
What makes Burnaby interesting is the nature of the housing that the BHA is building. That is to say, public, non-market housing.
Tax empty houses and watch them get filled up so quickly.
