Why Canada's ban on foreign buyers hasn't made homes more affordable
Why Canada's ban on foreign buyers hasn't made homes more affordable
A year ago, the federal government instituted a foreign buyer ban after passing the Prohibition on the Purchase of Residential Property by Non-Canadians Act in 2022. The two-year ban, which came into effect on Jan. 1, barred non-citizens, non-permanent residents and foreign controlled companies from buying up Canadian property as an investment.
But Wallace says that ban didn't do much for her family.
"There's all of these very luxurious buildings going in all around us that are outrageously priced," said Wallace, after attending an open house at a promising $1.1-million condo. "The foreign buyers tax … I don't think that's making an iota of difference."
Critics say the foreign buyers ban, which was aimed at making housing affordable for Canadians, had many exemptions and was more of a political manoeuvre. They say it's clear housing remains out of reach for too many in Canada, and that the country should look to other places in the world to find strategies to foster home ownership.
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There are zoning issues and missing middle issues and so on, but there is one thing that everyone keeps saying won't work while saying all of the stuff they've been doing will work (and doesn't).
Fucking cap the sale and/or resale price of houses. Don't expect the capitalists to make life easier on others at the expense of their bottom line, STOP them from doing it outright.
When they complain, build housing as the government which you can rent control without lobbyists yelling at you.
Developers may go away, but I doubt we'll lose them all, or even most of them.