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Political inaction at the root of affordability crisis – study

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Ephraim Vecina | 18 May 2016, 08:15 AM Agree 0
Foreigners’ enormous funds have virtually removed local buyers from the game, and decisive government intervention is needed to level the playing field, the study said
  • Mark Ranger - RE/MAX Kelowna | 18 May 2016, 11:04 AM Agree 0
    A good solution would be, as I understand they are doing in Australia; allow foreigners' to purchase Canadian real estate with the strict stipulation that in order to do so it MUST be newly constructed for their specific use. In doing so it would alleviate that increased demand that causes prices to increase beyond residents ability to compete, add to inventory (more inventory = more stable prices) and stimulate domestic employment.
  • Maxy | 18 May 2016, 11:23 AM Agree 0
    Point well made. However, people who impute racism should not be blamed either because those who complain about the issue made it sound like it is a race issue. This is not to suggest that I subscribe to the so called knee jerk shouts of racism. The issue is solely economics and "market forces" and not racism. We preach unscrupulous free market practices. When it goes sour, we blame the government. When any government threatens to regulate real estate market, in particular, or any sector in general, a segment of our citizens shouts "Socialism does not belong here". We want to eat our cake and have it at the same time. Thanks to the professor for reigniting this debate. It is neither racism nor government fault. Capitalism has its benefits but when allowed free ride on society, capitalism can be very ugly. We are now seeing the ugly side of capitalism and unregulated "free" market.
  • James Oberian | 18 May 2016, 12:46 PM Agree 0
    ...didn't Churchill say that "capitalism is the best system in the world with the exception of all the others"? Something like that. I am an avowed capitalist but there are "abnormal" times when government must intervene. We do it with interest rates to stimulate or dampen the economy. In this very unusual situation our federal and provincial governments must act (as they did in Australia) to ensure that at least some of our real estate (which after all is not just a commodity but where we LIVE) is left affordable for our own people, especially our kids...and in politically correct Canada, very few are bringing up the "dirty" aspect of much of this money. Read the Globe story about RE/MAX agent Layla Yang and what she was RECORDED to have said to a potential buyer who didn't want to be forced into a bidding war - it's quite scary...
  • Mikey53 | 18 May 2016, 10:06 PM Agree 0
    Democracy is the worst form of government, except for all those other forms that have been ...
  • Oscar Vidal-Calvet | 25 May 2016, 11:01 AM Agree 0
    I think I must insist in the following:
    - Foreign investors (non-canadians or non-residents), should be taxed with a much higher Land Transfer Tax;
    - Corporations intending to buy canadian real estate with speculation purposes, should have higher L.T.T., as well as higher Property taxes;
    - When selling, Capital gains for these kind of real estate speculators should be much higher;
    - Realtors, lawyers, mortgage brokers should lose their licenses if participating in schemes to ignore or avoid these regulations;

    I hope my contributions helps.
  • | 27 May 2016, 07:29 PM Agree 0
    I wonder how many sellers would take the offer for 100k less because its not foreign money?
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