Canada proposes to ban foreigners from buying homes

[Yo_Mama_Been_Loggin]

Canadian Prime Minister Justin Trudeau has proposed a two-year ban on some foreigners buying homes.

The measure comes as the country grapples with some of the worst housing affordability issues in the world.

Prices have jumped more than 20%, pushing the average home in Canada to nearly C$817,000 ($650,000; £495,000) - more than nine times household income.

But industry analysts say it's not clear a ban on foreign buyers will address the problem.

https://www.msn.com/en-us/money/other/canada-proposes-to-ban-foreigners-from-buying-homes/ar-AAVYTBp

I remember when Britain returning Hong Kong to China many expats bought homes in Vancouver BC effectively driving up prices.

[applegrove]

1. Hedge funds are getting into real estate. So this will not stop those sales.

There is too much money in the hands of the rich. Stocks are overpriced. Buybacks common. The wealthy need to find new markets to make money in. If only they would up the wages of their workers maybe the workers could buy more things creating demand. You know.... liberalism.

[PortTack]

2. A seller does have a choice to whom they sell. Most don't realize what's going on, or care. Just

Looking for the best price.

[applegrove]

4. Some hedge funds are leaving the homes empty. They are driving up the price

even when they rent or Air b&b.

[bucolic_frolic]

3. Money and private property are for the privileged. Not saying it's right, just that's the way it is

[multigraincracker]

5. I looked into buying a property on Ontario years ago and

it was not allowed. Best I could do would be a very long lease.