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Canadian Prime Minister Justin Trudeau says he will ban foreign home buyers for 2 years if he gets re-elected
Yahoo News ^ | 8/25/2021 | Vanessa Gu

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 ...


TOPICS: Chit/Chat
KEYWORDS: fakeheadline

1 posted on 08/26/2021 5:59:23 PM PDT by simpson96
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To: simpson96

Well, there goes my mansion up in the Arctic circle.


2 posted on 08/26/2021 6:02:19 PM PDT by dynachrome ("I will not be reconstructed, and I do not give a damn.")
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To: simpson96

“Let them live in cake!”


3 posted on 08/26/2021 6:03:18 PM PDT by cockroach_magoo
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To: simpson96

How would little Justin like to see a bunch of Canadian-owned homes in bordering states taken to house illegals?


4 posted on 08/26/2021 6:10:59 PM PDT by GreyHoundSailor
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To: simpson96

what’s stopping you now???


5 posted on 08/26/2021 6:22:31 PM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. P144:1)
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To: simpson96

Will this ban include the peaceful Muslim invaders Trudeau is so fond of? I’ll bet it doesn’t.


6 posted on 08/26/2021 6:22:36 PM PDT by Leaning Right (I have alrseady previewed or do not wish to preview this composition.)
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To: simpson96

Odd that there is no mention of the East Indian mansions everywhere in BC.


7 posted on 08/26/2021 6:28:35 PM PDT by datura (The voice that brought you peace has nothing left to say.)
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To: Leaning Right

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.


8 posted on 08/26/2021 6:29:31 PM PDT by angry elephant (Been with Trump since huge 2016 Washington state rally in May.)
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To: simpson96

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!


9 posted on 08/26/2021 6:45:23 PM PDT by A Formerly Proud Canadian (Ceterum autem censeo Justinius True-dope-us esse delendam)
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To: Leaning Right

Or the ChiComs buying all those properties in Vancouver.


10 posted on 08/26/2021 6:45:54 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: simpson96

Crying shame that Red Stars Governors and Legislatures won’t do the same and ban all the Liberals from moving in.


11 posted on 08/26/2021 7:07:12 PM PDT by qaz123
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To: Leaning Right

Maybe. But it prevents phantom, international buyers from buying up the real estate and moving in whoever they want.


12 posted on 08/26/2021 7:08:22 PM PDT by qaz123
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To: simpson96

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.


13 posted on 08/26/2021 7:21:19 PM PDT by teacherwoes (I am Philip Nolan )
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To: angry elephant

It’s not a bad idea at all.

Americans can barely afford to buy homes. Many can not myself included.


14 posted on 08/26/2021 8:12:20 PM PDT by warsaw44
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To: simpson96

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)...


15 posted on 08/26/2021 8:13:50 PM PDT by Kriggerel ("All great truths are hard and bitter, but lies... are sweeter than wild honey" (Ragnar Redbeard))
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To: simpson96

Sounds racist. Where is big media?


16 posted on 08/26/2021 8:13:50 PM PDT by stuck_in_new_orleans ( )
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To: simpson96

Trudeau is lying through his teeth, cheap election ploy.


17 posted on 08/26/2021 8:14:02 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: Kriggerel

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.


18 posted on 08/26/2021 8:15:33 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: simpson96

Hey Canada, your jive ass punk yuppie leader reminds me so much of California’s jive ass punk yuppie leader Newsome.
“leader”?
yeah right.


19 posted on 08/27/2021 3:10:33 AM PDT by Joe Boucher (Dementia Joe and the Whore, leaders of the Free world.)
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