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this post was submitted on 10 May 2024
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"The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) was set to expire at the end of 2024, it will now be extended to January 1, 2027." Between foreign investment on U.S. housing ( who almost always pay cash so are less affected by borrowing costs) and corporate investing firms, the average American Family is pretty much hosed. Allowing unchecked investment practices in housing not only significantly drives up prices, but also property taxes. It also discourages investment in neighborhoods and local culture as investors are not forced or incentivized to maintain their investments (housing) so the houses then fall into disrepair or sit empty. For example, in my neighborhood, the local elementary school is struggling to stay open due to sharply declining enrollment as there are so few families that actually live here. Its full of investment houses that are overpriced and falling apart.
The Canadian law would have more teeth if it wasn't so darn easy to set up a Canadian company to buy houses in the first place (please note: this is not from personal experience, I have not done this personally). The law we need progressively taxes corporate-owned houses to the point of making it unprofitable after they own X houses (pick your own value of X).
Laws can protect people or they protect corporations. It should be both, but it never really looks like both, does it?
That would be awesome!
My value for X is 1.