That may be your anecdotal evidence, but statistical evidence from Canadian Housing Statistics Program shows that non-residents only owned about 2 to 6 percent of Canadian residential properties in 2020. That’s entirely insignificant in the grand scheme of things.
@yogthos it’s true that overall foreign ownership is small. However those homes are located where most canadians live, Vancouver, Toronto etc so the effect is amplified. eg. no foreign ownership in say Big River Saskatchewan. I live in BC and there are completely empty tower blocks nearby.
My point is that foreign ownership is a red herring. If we passed a law tomorrow that banned foreign ownership, the prices would remain exactly the same in the hands of domestic landlords because we’ve commodified our housing.
That may be your anecdotal evidence, but statistical evidence from Canadian Housing Statistics Program shows that non-residents only owned about 2 to 6 percent of Canadian residential properties in 2020. That’s entirely insignificant in the grand scheme of things.
I’d say the actual problem you should be worried about is the fact that nearly 40% of our MPs are invested in real estate creating a huge conflict of interest when it comes to policy they pass https://www.readthemaple.com/nearly-40-of-mps-invested-in-real-estate-during-housing-crisis/
Our government is run by landlords, and that’s why rental prices are the way they are.
@yogthos it’s true that overall foreign ownership is small. However those homes are located where most canadians live, Vancouver, Toronto etc so the effect is amplified. eg. no foreign ownership in say Big River Saskatchewan. I live in BC and there are completely empty tower blocks nearby.
My point is that foreign ownership is a red herring. If we passed a law tomorrow that banned foreign ownership, the prices would remain exactly the same in the hands of domestic landlords because we’ve commodified our housing.