Posted on 08/26/2021 5:59:23 PM PDT by simpson96
Canada's Prime Minister Justin Trudeau pledged Tuesday to ban foreign home buyers for two years if re-elected, reported CBC.
Housing affordability has become a key part of Canada's upcoming national election on September 20, as the COVID-19 pandemic drove up property prices in the country.
Housing prices peaked in March this year, with an average home costing $716,000 Canadian ($568,000) - a 31.6% increase year over year, according to the Canadian Real Estate Association (CREA).
Prices have tapered since then, with the average house price coming in at CA$662,000 ($525,200) in July. But that is still 22% higher compared to last year, according to CREA.
"If you work hard, if you save, that dream of having your own place should be in reach. But for too many people, it just isn't - and that's not right," Trudeau said during a campaign stop in Hamilton, Ontario, CBC reported.
The Canadian prime minister added that there should be "no more foreign wealth being parked in homes that people should be living in," Bloomberg reported.
Foreign buyers have been snapping up properties in Canada in recent years. In 2015, the Financial Post reported that Chinese buyers made up one-third of residential sales in Vancouver and 14% in Toronto. The outlet cited data from the National Bank of Canada.
The federal government said it would roll out a 1% tax on vacant or underused foreign-owned houses in January next year to curb foreign demand on houses.(snip)
Trudeau's opponents have also zeroed in on the housing crisis in Canada, with the New Democratic Party pledging to impose a 20% tax on foreign home buyers and the Conservatives also proposing a similar ban on foreign buyers, reported the Vancouver Sun.
(Excerpt) Read more at yahoo.com ...
Well, there goes my mansion up in the Arctic circle.
“Let them live in cake!”
How would little Justin like to see a bunch of Canadian-owned homes in bordering states taken to house illegals?
what’s stopping you now???
Will this ban include the peaceful Muslim invaders Trudeau is so fond of? I’ll bet it doesn’t.
Odd that there is no mention of the East Indian mansions everywhere in BC.
The Chinese own a huge part of Vancouver, BC., just as they do here in Bellevue, Washington. The Chinese pay such huge amounts it raises the cost for everyone else.
A quote from the Prime Mistake of Kanadhar (Canada): “If you work hard, if you save, that dream of having your own place should be in reach. But for too many people, it just isn’t - and that’s not right,”
WTF does this brain dead dilettante know about working hard and saving money? What an F’n jackass reprobate! He is a trust fund baby who NEVER had to work for a GD thing! He know jack all about ‘working hard’. His profligate spending of CANADIANS’ money ranks up there with XiJinBiden.
Let’s go MAVERICK PARTY and WILDROSE INDEPENDENCE PARTY OF ALBERTA!
Or the ChiComs buying all those properties in Vancouver.
Crying shame that Red Stars Governors and Legislatures won’t do the same and ban all the Liberals from moving in.
Maybe. But it prevents phantom, international buyers from buying up the real estate and moving in whoever they want.
In Hong Kong they have the same problem. Mainland Chinese buying up real estate and driving up prices. What did the HK govt. do? They put a surcharge for foreign buyers.
What happened? Chinese buyers just went thru a 3rd party in Hong Kong and bypassed the surcharge.
It’s not a bad idea at all.
Americans can barely afford to buy homes. Many can not myself included.
Yeah, it’s an even uglier situation up here at the moment, than the article would lead you to believe. There are currently thousands of Canadians, myself included, who have been forced back out into the market, right when everything is red-hot, with no signs of slowing, and both rent and buy prices likewise skyrocketing into the stratosphere, with no signs of stopping any time soon... Place I have been living in since 2007 has just been sold, and the closing date is 01 November. The *cheapest* one-bedroom units I can find are now upwards of 3/4 of my current monthly income. But hey, I guess I should feel all warm and fuzzy at Princess Justine Castro’s kind words... I suppose they’ll keep me (and others like me) all toasty warm this winter, if I wind up living in my car (yeah, I’m embellishing that last part a little bit for dramatic effect, but I *am* starting to get worried)...
Sounds racist. Where is big media?
Trudeau is lying through his teeth, cheap election ploy.
When I visited Australia, I was told that basically any house within 20-30 miles of downtown Sydney was at least a million dollars US. Mainly due to Chinese buying properties and driving up the prices.
Hey Canada, your jive ass punk yuppie leader reminds me so much of California’s jive ass punk yuppie leader Newsome.
“leader”?
yeah right.
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