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Agents call for crackdown on foreign ownership

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Real Estate Professional | 05 May 2015, 08:27 PM Agree 0
It's a little bit ironic, but some agents are asking the government to effectively limit the pool of buyers in some cities in order to protect the market.
  • Don | 06 May 2015, 12:59 PM Agree 0
    Ironic.????? A good idea but a tad late.
  • EddieN | 06 May 2015, 01:45 PM Agree 0
    Good idea in theory but completely useless and pointless. Those who want to circumvent the rules, will do it any time of day and the penalties will not put them off.
  • | 06 May 2015, 02:00 PM Agree 0
    It is a deterrent alright, and will create wealth for the Govt. Thumbs up to the suggestion!
  • Jac | 07 May 2015, 09:09 AM Agree 0
    every foreign buyer can buy a property in a city. You cannot buy farm and that exceeds the acreage limit. The idea that foreign buyers will come and buy property for investment is legit, but can only be stopped by changing the law. What has happened in farm communities was not stopped. Non farmers buying land as speculation/ investment. Love the idea you got, but there is no government that will change it, or take wealthy investors on.
  • alan_vancouver | 08 May 2015, 01:06 PM Agree 0
    What's stopping a foreign national from opening up a limited company and buy real estate within the company portfolio? Will this law extend to Ford? General Motors? Heinz?

    When Canadians are selling their $5 million home that money just doesn't disappear from the economy. That money gets infused into the economy that supports other jobs.

    The people complaining the loudest are the ones I find couldn't afford to buy home in these wealthy areas even if the values dropped by 50% , which is extremely unlikely.

    If taxes like the ones imposed by Australia were imposed on foreign buyers here in Canada, what is the likely hood that a buyer who is going to pay $5 million for a house will stop if he has to pay say an extra $200,000 in tax?

  • judy | 08 May 2015, 03:00 PM Agree 0
    Has anyone heard of the old "head tax" on immigrants??????
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