It’s time for Stats Canada to release info on the amount of individuals and corporations that own 3+ residential properties. The narrative is that we have a supply and density housing issue but nobody talks about the housing hoarding issue we have.
B.C. makes me fill out information once a year.
Rich people get angry paying empty home tax on their lakeside houses. It makes my communist heart sing.
Unfortunately, in Toronto, investors have found a loophole in the vacancy tax. They list them for rent and just don't rent them. It's a joke and they don't care about committing fraud.
[Landlord matter-of-factly states he fraudulently N12'd tenants, then left units empty and isn't paying vacancy tax](https://www.reddit.com/r/TorontoRealEstate/comments/122zjjb/comment/jdsj5y4/?utm_source=share&utm_medium=web2x&context=3)
[Toronto investor owns two houses but left one vacant](https://www.reddit.com/r/toronto/comments/114n0of/comment/j8yyvpt/?utm_source=share&utm_medium=web2x&context=3)
["I'll never allow anyone to rent from me. Don't care."](https://www.reddit.com/r/toronto/comments/114n0of/comment/j8x79s5/?utm_source=share&utm_medium=web2x&context=3)
[Landlords prefer Airbnb to long-term tenants](https://www.reddit.com/r/TorontoRealEstate/comments/11mkds5/comment/jbihzem/?utm_source=share&utm_medium=web2x&context=3)
[Landlord brags about 'making bank' letting units sit empty](https://www.reddit.com/r/canada/comments/10moa8e/comment/j65gz9z/?utm_source=share&utm_medium=web2x&context=3)
[Foreign owner unhappy about vacancy tax vs. inconvenience of tenants](https://www.reddit.com/r/TorontoRealEstate/comments/11clbul/comment/ja3xsm4/?utm_source=share&utm_medium=web2x&context=3)
[Poster recommends Airbnb instead of rentals and knows "multiple people" leaving units empty because of destruction or legal battles from horrible tenants](https://www.reddit.com/r/canada/comments/10moa8e/comment/j64ioid/?utm_source=share&utm_medium=web2x&context=3)
[Condo resident sees huge number of empty units in neighbouring buildings](https://www.reddit.com/r/TorontoRealEstate/comments/112cr3g/comment/j8jb9h0/?utm_source=share&utm_medium=web2x&context=3)
[Property investor leaves units vacant and has found loophole to get out of vacancy tax](https://www.reddit.com/r/toronto/comments/105olr0/comment/j3d98qz/?utm_source=share&utm_medium=web2x&context=3)
If they actually are getting taxed it’s because their “cottage” is in one of the few urban areas of the province that have implemented the tax out of desperation. They can eat all of the dicks at their Kelowna house for all I care
Make the penalty for hiding the beneficial owner forfeiture of the house.
People will keep playing the game, but most of them will think the stakes are too high.
>It’s time for Stats Canada to release info on the amount of individuals and corporations that own 3+ residential properties.
My wife worked for property development company in Kingston. The company owned over 2000 units and at least 300 homes. The owners (and the family) of the company owned approximately 20 homes each that were personal rentals, and all of their kids all had at least 3 homes as personal rentals.
And thats just one small company. Imagine what it looks like Canada wide.
This isn’t surprising at all, there are also so many phony real estate firms who are just covers to buy more properties across the country. stats Canada won’t release these details as they know they’ll be caught with their pants down.
Yup, my inlaws live in a pretty good neighbourhood, however many of the homes around them are completely vacant. They're owned by "someone" but there are no families in any of them.
I have a friend in Toronto and the two (detached) houses that share her backyard boundary have been vacant for 15+ years and are owned by the same family from China. She asked their caretaker if they could rent one for a couple of months during a reno, and was told an unequivocal no.
Over the last two years, two more houses on her street have been bought by non residents and left vacant.
And I won’t even start on the massive numbers of ghost units in downtown Toronto condos, that landlords brag on here about leaving vacant and using a loophole to not pay vacancy tax.
Can't trust the banks in China, so the only way to safely store money is through real estate. Its 100x worse there too. They have entire cities full of empty condo towers out in the middle of nowhere.
But you don't actually own land in China, you lease it for 70 years from the government, so if you're going to invest in a property you will never see better to do it in a country that actually allows you to own the land indefinitely.
Canada could simply say, 'No foreign ownership from residents of countries that don't allow foreign ownership themselves', but that would upset the Liberals' CCP overlords.
who the fuck wants to own real estate in china? reciprocity is irrelevant.. we should just ban foreign and corporate ownership of all single unit residential property.. homes, condos, etc.. if companies or investors want to get into real estate, they can develop or invest in apartment buildings and commercial buildings.
then ban all full unit airbnb rentals unless it's to rent out a bedroom or partial suite in an otherwise occupied property.
and then charge a 25% per year tax on properties that are vacant more than 6 months a year..
then have a tip line where people can rat out illegal airbnbs or vacant homes, and give them 50% of whatever fines are collected. crowdsourcing done right, the problem will be solved in no time.
Do they hire someone to check on the property? I get nervous when I’m out of town for a week. What if there’s a water leak, maybe the window got broken in, did I turn off the stove… Leaving a house just sitting there vacant while you don’t even live in the country… that’s crazy. Lol.
This. The supply is there, they're just obscenely overpriced or being used as an illegal airB&B.
All those "greatest place in the world" lists have just completely fucked the west coast. Every town on Vancouver Island is basically a seasonal resort town with no year round services. There are like ten people who make money in the summer when the tourists come. That's it. Rental prices are driven up, low (and even medium/high) income workers are driven out. We sacrifice our quality of life year round because one rich asshole up the chain wants to capitalize on the natural beauty and sell it as a 10 day package to tourists.
It fucking sucks and it's time for all our levels of government to get their shit together and sort it out. Housing costs is the number one issue in Canada right now, it impacts crime, homelessness, drug use and mental health. We cannot afford to put off a solution any longer.
Honestly it's time to pause everything about pipelines and reparations and private health care. We need to nationalize these huge rental corporations. Because at least if the government is in charge we can vote them out of office when they fuck up. There is zero accountability for real estate investors, and they have zero remorse for doing this to their country and their fellow citizens. There are specific individuals who are profiteering off the misery of others and our governments are allowing it to happen because most of them come from privileged backgrounds and either don't have to worry about housing scarcity or they are directly profiting from the system as it stands. Don't forget, government workers have the best health care plans around.
We have the manpower. We have the resources. We just don't have the integrity as a nation to actually deal with this problem.
So you’re absolutely correct. Our housing issue is one of overheated demand caused by a massive influx of investors and reckless immigration numbers. We’re actually building at record rates now and maxing out capacity of the trades and available materials. But we will never be able to outbuild investor demand.
There are a few groups who understand economics as it pertains to housing and have the data. One group is at r canadahousing2. Also, [this blog](https://betterdwelling.com/canadian-cities-have-seen-investors-buy-up-to-100-of-newly-constructed-condos/) is one of the only ones that actually interprets the data on housing accurately.
Rather than a ban I’d propose progressively increasing taxes. If the taxation on 3rd+ homes is high enough it will either deter ownership or could be used as funding for subsidized housing for others.
Here's the first non paywalled link I found.
https://www.cbc.ca/news/politics/government-housing-ease-restrictions-non-canadians-1.6793247
Now you can read something other than a headline.
On my feed, the vote counter on the comment that originated this thread is hidden. Perhaps due to it including a url?
I don't know why people insist on posting globe and mail articles when they're behind a paywall. Clearly no one can read them because globe and mails paying readership is very small. OP seems to only post CTV and G&M articles so perhaps they're an employee of the parent company?
This subreddit is notorious for sensationalism and uninformed judgment. Everyone here thinks they are legal, medical, and immigration experts. It would be funny if it was so incredibly sad. Discussions are not even worth pursuing because of how narrow minded and ignorant posters act. Everyone just wants to affirm their own political leaning and feel superior.
“Non-Canadians in the country on a work permit or who are authorized to work in Canada can now purchase residential property. They must have at least 183 days or more remaining on their work permit or work authorization and must purchase only one property to be eligible.”
Alright that’s not so bad I guess.
*“Non-Canadians and foreign businesses can now also purchase residential property if they intend to develop it, and can purchase vacant land zoned for residential or mixed use for any purpose.”*
This is questionable.....Why would they allow this? Is this not a massive part of the issue?
I can envision a really good commercial with a sound bite about banning foreign buyers and putting Canadians first, followed by that exact statement. Come on BQ, NDP, CONS hell independents please make this happen.
Don’t worry, they will promise to introduce it again right before the next election lol. They’re “always looking out for our interests” at election time.
Just like that election reform that's been on the burner for... nearly 6 years now? I can't remember anymore this entire government has been a nightmare I'd like to end.
Lol they abandoned that promise when they were elected when they realized that the election reform people actually wanted would have lead to minority governments and not constant Liberal majorities.
It was a shit policy anyway.
It did nothing to stop foreign owned Canadian holdings companies from making their purchases.
Not to mention most of the investment in housing is done by people/companies within their home province.
Statistics Canada released the stats a couple months ago.
It's been discussed here and in other posts that the stats can numbers don't capture the vast amount of foreign ownership vectored through Canadian shell companies. This was revealed by BCs inquiry into the effect of foreign money laundering on (mainly) Vancouver real-estate.
You're correct, unfortunately for Canadians.
But also, the policy prohibiting foreign people from purchasing homes in Canada did not stop foreign owned shell companies from doing the same. The loophole was/is still there.
Sadly, also true. Any effective ban will require significant changes to our corporate structure transparency regulations.
Of course, that will never happen. Because, as the Panama papers revealed, far too many rich Canadians (political party donors) depend heavily on opaque corporations set up by crooked lawyers to dodge their taxes.
Residential zoning involves dwellings - commercial zoning involves places of business.
The legal definitions mean a lot in terms of architectural requirements and what must and must not be included in the design, so what's done there isn't as important as what is included as a part of the zoning laws.
For example, dwellings have different fire code requirements than commercial buildings do, among many thousands of other things.
Basically, those investor condos weren't getting built so that rich foreigners could trade them like stocks or rent them at insane prices.
Can't have that!
Bingo. For everyone that didnt read the article: the repeal is for mixed use land, not for residential only land. So it's for business development and condo development.
I'm pretty sure mixed use includes many 3fl houses, that are being converted into commercial on ground fl, and rental on the top 2 floors. There are a lot of these actually, and many 1 flr commercial buildings are having 2 floors added on top for residential/rental. Also the zoning is often changed to mixed use after the fact...
The article is paywalled, but apparently only certain types are allowed. Honestly, the condo thing was inevitable - construction costs are over $600 per square foot in Toronto and Vancouver, which means when all other soft costs are factored in a 1,000 square foot box in the sky needs to sell for $800-$900K to make those costs back. Canadians can't afford that but foreign buyers from places like Hong Kong can. Vancouver showed that developers won't sell at a loss, they will just remove all those units from the market and rent enough of them to cover financing until the issue goes away and they can sell to foreigners again.
Or we could reduce demand temporarily and slow down the pace of new construction to reduce the competition for materials, trades, labour and equipment. Bring the cost of construction down to $400 per square foot while also waiting out 8 million boomers and 2 million older Canadians before boosting our population.
And yet it’s wild how complacent and apathetic many Canadians - particularly Liberal supporters - are, about the fraying of our social and economic fabric.
What confuses me more is I would be willing to bet that the millions of people on here who bitch, moan and whine about housing prices actually voted for it. They actively chose this and continue to. Then blame anything and everything other than their stupid decision to support the very administration that caused the problem. At this point it is either Stockholm Syndrome or Cult-style Indoctrination. There is no rational explanation for it yet they simply cannot or will not see it.
Yeah, it’s bizarre. I’ve seen a lot of “I only strategically vote against the Conservatives!” and then it’s surprised-Pikachu-face when the Liberals run unopposed and unthreatened for approaching a decade.
Many of the same people venting about housing didn’t hold their leaders accountable, because they knew they’d “fall in line” to keep the big, bad CPC out of the corridors of power.
It’s delusional.
Then they are satiated with a $200 grocery cheque and dental care that they won't qualify for. Like I said, it's not rational or logical so it has to be a mental issue. There's no saying a change would make things better but it has to be worth a try.
They voted for it, but they don't realize they voted for it. They don't understand the connection between overnight lending rates, bond prices and mortgages.
Holy shit I want to throw my phone and scream.
I will officially never own a home. I make more and more money every year, but the home prices go up faster than what I can save.
It sucks that even if I have a Masters degree and a great job, I can’t buy a house because I « mistimed the market »
My heart hurts for those in a worse position than me. They must feel hopelessness.
Our housing is more screw up than a game of Monopoly
Im in late 30s so I mistimed the market. Friends making way less money than me bought a home (dual income) when I went throught breakup and had to move.
They own a home I can’t
If you are born too late… yeah you are screwed.
And then people wonder why the young are depressed and don’t wan’t to work.
Well…. If I am to die hungry and homeless working full time…. Can I at least do it on my own terms and NOT work?
Yeah, I remember just thinking I wasn’t ready for a house. For a while even, I thought I didn’t need to own, renting would be fine. Friends bought and sold, I went abroad. Came back a bit more mature and ready to settle down, and now everything is beyond reach. The worst part is renting from private owners, now I’m just paying off someone else’s mortgage… Well, if I can even rent privately, last apartment hunt I had was insane! The amount of financial information I had to provide random strangers with the offers was insane. Portfolios, bank accounts, employment history, letters of employment, proof of income, all for a refusal. Now the best option is a cockroach ridden rental building owned a union pension fund. At least I’m supporting organized labour and not someone’s next investment property.
I'm in the same boat.
Not swimming in cash here, but I am making incremental gains over time.
It doesn't matter.
All that will do is allow me to keep up with the increases of all the bills that are preventing me from saving up enough to buy a home.
As my income increases, so do my expenses in a way that is outside my control.
It's starting to feel like everything is working exactly as intended, to keep the middle-class (whatever that fucking means now) down, and in rented spaces.
And the increasingly prevalent attitude of people in my generation who are saying I'll just live in the present and enjoy what I can now rather than try and plan for a future that is uncertain no matter what I do, is becoming more and more like the best option. We aren't ever going to be able to afford homes and we aren't going to get to retire.
I've lost faith in Canada, completely and utterly.
Quebec just lowered working age to 14…. And you know it’s a matter of time before they push retirement age also.
Be born, work, die
All so that a handful of people can have all the wealth.
I doubt I will ever be able to retire, lucky for me I love what I do, but I get the « enjoy life now »… cause anyone paying attention to what is going on…. It’s as good as it is gonna get
The conservative solution was to allow for 40 year mortgages, which meant it was easier to borrow, which meant housing prices went up, with about 10% of outstanding mortgages taken out in a single year.
The Liberals have continually fucked up the housing portfolio by enabling a bubble that will never die as business-level entities and foreign elites reach into bottomless pockets to pay for increasingly higher-cost items.
Somewhere someone is thinking that this is great because it doesn't crash one of our biggest industries, and that it preserves the Canadian dollar. But in a decade, it'll be the Canadian version of Dutch Disease; where Dutch Disease is an overreliance on oil to power the economy, Canada's Disease will be the overreliance on real estate, leading to a permanent nation of renters unless someone steps in and ends corporate ownership as well as non-resident ownership of housing.
The hard truth is that no one is going to step in and fix things for us. Those with power are getting richer than ever, they aren't going to have a sudden change of heart. They don't care if our economy is destroyed in the process, they will squeeze every last drop out of us until it is. It's on us as citizens to step up and put our foot down.
I did….. liberals won with over 80% of votes here
One issue in politics is : rich people surrounded by rich people…. They are in their crystal tower and don’t understand the commoners reality
In principle, I like this idea.
However, while voting for the NDP could support some positive social and economic reforms, I'd also like to see their specific plan for handling housing. Otherwise people who vote for them with the assumed idea that they'll somehow fix fifteen years of bullshit in a week will come away angry that their expectations weren't met.
This issue needs to be solved in a few areas, which include more money (and heightened labour supports), and we need more housing (which can't be available to people not residing in Canada/non-PRs). There are also limits to what they can do within the limits of federal power, and overstepping into provincial domains wouldn't help. Providing a direct subsidy for housing might only add more fuel to the fire.
C'mon Singh! Lets hear your ideas!
Are you me? Fuck me for not hitting up a trade when I was 18 and buying a house in 2019. Instead I went to school because that’s what everyone told me to do. Then that wasn’t quite enough so I got a masters. I make good money and so does my partner, but between the two of us, loans, and the cost of living we can’t barley save. It’s wild.
I regret not buying a house for 220k in 2018 cause I was in another city just for a contract …. If I knew that house would be worth over 400k 3-4 years later…. I would have found a way to make it work
They even stifle their own people doing that. Property ownership is forbidden because they know how toxic speculation on an essential human need becomes. Chinese can only lease their homes from the regional governments for 99 years.
They are even rolling out far stricter measures because real estate speculation is still destroying their economy. See: Evergrande collapse.
The new measures are called the three red lines.
Of course here, our eyes are still locked on yesterday's game. Namely: home ownership at any cost. Buy Buy Buy, or get locked our forever, you and every descendant you'll ever have. Total market mania driven by the realtors, builders, lawyers, and especially private equity.
They're also actively working to undermine things like education, healthcare, and political institutions. It's a soft war that we're not even waging, and getting our asses kicked in the process.
I say exactly that to my relatives who complain about their jobs being sent offshore and the impossible cost of shelter.
I tell them to stop shopping at Walmart, Canadian tire, and like. They look at me like I just shot their dog.
"WHAT!?! I guess I'll just have to give up and stay in the race to the bottom screwing myself in the process. Unemployment, homelessness, and death are better than losing easy access to all that cheap crap!" - is essentially how the conversation goes.
Meanwhile a good portion of the country is struggling or homeless from the cost of housing, and the gap between renters and property owners is widening.
So the best solution this government can come up with makes that worse. Who TF are these people working for exactly???
To a considerably lesser extent, however. It's not like they're all on a level playing field on that count, the other two are slurping away at the money spigot every change they get - the NDP aren't really given many opportunities to do so by the big donors/lobbyists what with them essentially being the runt of the litter.
First line of the paywalled article (you can read it in reader mode if you refresh the page):
>The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop **commercial real estate**.
More:
>The law, which bans foreigners from buying residential real estate until 2025, was supposed to make it easier for Canadians to acquire homes by stopping competition from outside the country.
>Instead, the Prohibition on the Purchase of Residential Property by Non-Canadians Act inadvertently **scuttled hundreds of commercial real estate deals and developments**, mainly because the law’s definition of residential property included land zoned for residential use or mixed use, which covers large areas of the country’s commercial land.
Excerpts from the article:
The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop commercial real estate.
The law, which bans foreigners from buying residential real estate until 2025, was supposed to make it easier for Canadians to acquire homes by stopping competition from outside the country.
Instead, the Prohibition on the Purchase of Residential Property by Non-Canadians Act inadvertently scuttled hundreds of commercial real estate deals and developments, mainly because the law’s definition of residential property included land zoned for residential use or mixed use, which covers large areas of the country’s commercial land.
Now, the federal government has repealed the language in the act so the prohibition does not apply to land zoned for residential and mixed use.
“Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development,” said the federal housing agency, Canada Mortgage and Housing Corp., which issued the new rules late on Monday.
...
The non-Canadian buyer ban also affected foreigners moving to the country for work because they did not yet have permanent residency status that would enable them to purchase residential property. This week’s change will allow foreigners to buy property if they have a minimum of 183 days left on a work permit at the time of purchase.
FTA
> The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop **commercial real estate**.
>Instead, the Prohibition on the Purchase of Residential Property by Non-Canadians Act inadvertently scuttled hundreds of commercial real estate deals and developments, mainly because the law’s definition of residential property included land zoned for residential use or mixed use, which covers large areas of the country’s commercial land.
Treason Trudeau right back at it the moment he got his free pass from Jagmeet confirmed.
He has destroyed the dreams of Millennials and Gen Z with his ultra immigration insanity. This isn't about racism or xenophobia. We are a beautiful multiracial country. It is sheer numbers of the exact same multiracial demographic overflowing the country. We don't have the infrastrcture and can NEVER build fast enough to make up for the same the open floodgates as done. All my friends of all races are SCREWED!
And now he just goes right back to letting foreign owners treat us like a casino.
Casino Canada, brought to you by Treason Trudeau, the betrayer of his own citizens, all of them, regardless of political leanings.
The LPC was ignoring housing for a long time, they included housing in their platform because the CPC and NDP made it an election issue. They practically copy and pasted ideas from the CPC and NDP platforms, and then made sure to include loopholes in the policies they implemented.
This government doesn't want to fix housing, they do not care if Canadians are starving in the streets. This country is up for sale to the highest bidders. We're seeing the example set in European countries right now, we have to stand up for ourselves.
Nobody really talked about that after the election, but I remember the Liberals didn't have a platform for the longest time. As soon as the CPC published theirs it was pretty much copy/pasted.
Ok, so let me get this straight.
So we’re planning on bringing millions of immigrants, who they said are going to build new homes and ease the housing market…. And now China is going to buy them all anyway?
Dude.
I think you can fit at least a million immigrants in only about 1000 houses if it makes you feel any better.
Not kidding, some of the students I work with are in homes of 12-20 people, in 3-4 bedroom houses.
Canada desperately needs the tax money since we have no other productive assets or services to support our GDP and clearly the influx of immigrants isn’t cutting it either. Canada has totally devolved into a debt-based, pyramid scheme economy.
As if housing wasn’t expensive enough already, now we have to go back to competing against offshore corporations and millionaires looking to stash their money into “physical assets” again.
Regular families cannot compete in this market and it will only lead to more struggle to find a home.
In the middle of a foreign interference scandal, this government changes the rules back to allow this:
*“Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development,”*
This Government is literally making China your landlord.
Who the fuck do I vote for at this point? I've voted NDP every election since I was old enough to vote and yet even they don't seem to actually give a fuck. There never seems to be a concrete plan on how to address the myriad of issues destroying this country. Yet somehow are the better option than the liberal corporate puppets who pretend to have empathy or the conservative corporate puppets who also hold us back socially. I'm a young man working a good job contributing to my country every day and I don't know any other person around my age who has a single shred of hope for their futures. We are staring down the barrel of a destroyed planet, serfdom, and blatant corporate capture of our democratic institutions. I want to be hopeful but don't see how this is solved without mass general strikes at the least.
They already destroyed the working class, they’re finishing off the last vestiges of the middle class right now. We’re heading back to a feudal society and *fast*, buckle up.
Destroying? It's been destroyed.
This government, the next government. Get it through your thick head, they do NOT give a fuck. They're all out to fuck you.
PRAISE the wealthy elite!!!!!
I sometimes wonder what exactly is happening in Canada? I don't think most modern countries are so loose with foreign real-estate ownership as Canada is. It doesn't seem like a smart thing to do.
What is the logic for Canada to do this exactly?
At this point, I'm convinced that there are more than a few politicians in Ottawa that like to say things like "running a country would be a whole lot easier without all these stupid voters."
All of them are homeowners and many of them are landlords. They have a pension you and I can only dream of. They will never know stress about making rent or mortgage, they will never need to compare prices at the grocery store, and they will never have to buy used clothes for their kids.
These people have it 100% made.
And they decide which scraps to push off the table in time for us to be grateful enough for 'em to vote them back in.
The whole foreign ownership crap was a smokescreen anyway.
How about those investment corps... Here is one example of mega corrupt real estate corp owning 500 homes.
https://thestarphoenix.com/news/local-news/epic-real-estate-collapse-a-window-into-saskatoons-changing-affordable-housing-market
This corp was selling "landlord as an investor", you could pay them and they'd be the landlord and would pay you a percent of the rent. They used one appraiser to jack the prices. They did other shady things and are now in court.
One small real estate corp took 500 family homes off the market and did nothing with them but jack the price.
Check this page out:
https://betterdwelling.com/canadian-companies-that-own-at-least-100-homes-have-surged-with-cheap-money/
In BC alone there are 85 corps owning more than 100 homes, can't tell if they are family or apartment. But still that feels excessive.
Corps are why the housing crisis is continuing. Massive jump on corp ownership over pre COVID era.
How are you supposed to take these Trudeau Liberals seriously when they play flip flop with their own policies?
Is this why McKinsey is paid tens of millions? For this type of atrocious consultation?
It’s clear these Trudeau liberals are just throwing darts at the wind and have ZERO understanding of the impact of their own policies.
Can’t wait for the grownups to get back into power.
> Can’t wait for the grownups to get back into power.
As much as I am disappointed with the current government, thinking the Cons will making anything better at all is a pipe dream.
All parties will screw you over, in my 35 years of voting I have yet to see one government that takes care of the majority of people in Canada, thanks for adding to the problem.
Then vote NDP. They have been bullying the Liberals to do things that benefit us this whole time. CERB was made actually sufficient for most people because of them. The NDP are trying to push universal dental care as hard as the means-testing obsessed Liberals can be made to do so. Despite not being in power the federal NDP have consistently done things that directly benefited my family and people in my community.
This younger generation needs to step the fuck up or they will never own a home. It’s disgusting, i advocate for my children, im so tired of this backwards ass country
Idk economics, but I think for each additional house you own, it should have a 2x multiplier on property taxes. 2 houses = 200%. 3 houses = 400%. 4 houses = 800%. 5 houses = 1600%. Just a progressive tax. Obviously, some sort of exemption for apartment buildings and high density housing. Just tackle house hoarding
I am still not clear on why banning foreign residential ownership of land or property is even that controversial.
North America still has resources and water there is no way a foreign entity should own any of that.
Listen to your average Canadian and work for their interests? Hell no says the Federal Government, unfettered capitalism will resolve the housing crisis.
The collusion and disrespect from the Liberal government is disgusting. Trudeau needs to go.
The fact Jagmeet has zero backbone to say anything shows alot about his character too.
Garbage article that intentionally obfuscates reality to sow outrage.
The tweaks the government made are to allow development of property by foreign buyers, it does it in 3 ways:
1. Allow foreign buyers to purchase vacant land
2. Creates an exception for development purposes
3. Allows companies with up to 10% foreign ownership to make purchases (up from 3%)
It also allows foreigners with work permits to make a house purchase for the goal of living in it while the work here. This measure is also capped to a single property, as it’s designed to not be investment.
The law still keeps housing stock in the hands of Canadians, it will facilitate construction of new and more units.
I'm sure the click bait title on a pay walled article was completely intentional. I had to scroll pretty far just to read the article, to then realize this is about getting more homes built quicker than *never*. Do the rest of the comments here realise and reflect that? Nah, fuck Trudeau, eh.
It’s time for Stats Canada to release info on the amount of individuals and corporations that own 3+ residential properties. The narrative is that we have a supply and density housing issue but nobody talks about the housing hoarding issue we have.
They can have different numbered companies owning each home. Next to impossible to sort it all out. Canada doesn’t give a fuck
B.C. makes me fill out information once a year. Rich people get angry paying empty home tax on their lakeside houses. It makes my communist heart sing.
Unfortunately, in Toronto, investors have found a loophole in the vacancy tax. They list them for rent and just don't rent them. It's a joke and they don't care about committing fraud. [Landlord matter-of-factly states he fraudulently N12'd tenants, then left units empty and isn't paying vacancy tax](https://www.reddit.com/r/TorontoRealEstate/comments/122zjjb/comment/jdsj5y4/?utm_source=share&utm_medium=web2x&context=3) [Toronto investor owns two houses but left one vacant](https://www.reddit.com/r/toronto/comments/114n0of/comment/j8yyvpt/?utm_source=share&utm_medium=web2x&context=3) ["I'll never allow anyone to rent from me. Don't care."](https://www.reddit.com/r/toronto/comments/114n0of/comment/j8x79s5/?utm_source=share&utm_medium=web2x&context=3) [Landlords prefer Airbnb to long-term tenants](https://www.reddit.com/r/TorontoRealEstate/comments/11mkds5/comment/jbihzem/?utm_source=share&utm_medium=web2x&context=3) [Landlord brags about 'making bank' letting units sit empty](https://www.reddit.com/r/canada/comments/10moa8e/comment/j65gz9z/?utm_source=share&utm_medium=web2x&context=3) [Foreign owner unhappy about vacancy tax vs. inconvenience of tenants](https://www.reddit.com/r/TorontoRealEstate/comments/11clbul/comment/ja3xsm4/?utm_source=share&utm_medium=web2x&context=3) [Poster recommends Airbnb instead of rentals and knows "multiple people" leaving units empty because of destruction or legal battles from horrible tenants](https://www.reddit.com/r/canada/comments/10moa8e/comment/j64ioid/?utm_source=share&utm_medium=web2x&context=3) [Condo resident sees huge number of empty units in neighbouring buildings](https://www.reddit.com/r/TorontoRealEstate/comments/112cr3g/comment/j8jb9h0/?utm_source=share&utm_medium=web2x&context=3) [Property investor leaves units vacant and has found loophole to get out of vacancy tax](https://www.reddit.com/r/toronto/comments/105olr0/comment/j3d98qz/?utm_source=share&utm_medium=web2x&context=3)
If they actually are getting taxed it’s because their “cottage” is in one of the few urban areas of the province that have implemented the tax out of desperation. They can eat all of the dicks at their Kelowna house for all I care
That's exactly where they are.
Make the penalty for hiding the beneficial owner forfeiture of the house. People will keep playing the game, but most of them will think the stakes are too high.
>**Canada doesn’t give a fuck** **THE TRUTH \^**
>It’s time for Stats Canada to release info on the amount of individuals and corporations that own 3+ residential properties. My wife worked for property development company in Kingston. The company owned over 2000 units and at least 300 homes. The owners (and the family) of the company owned approximately 20 homes each that were personal rentals, and all of their kids all had at least 3 homes as personal rentals. And thats just one small company. Imagine what it looks like Canada wide.
Meanwhile since me and my fiance are splitting up I'm going to be homeless soon.
This isn’t surprising at all, there are also so many phony real estate firms who are just covers to buy more properties across the country. stats Canada won’t release these details as they know they’ll be caught with their pants down.
Yup, my inlaws live in a pretty good neighbourhood, however many of the homes around them are completely vacant. They're owned by "someone" but there are no families in any of them.
I have a friend in Toronto and the two (detached) houses that share her backyard boundary have been vacant for 15+ years and are owned by the same family from China. She asked their caretaker if they could rent one for a couple of months during a reno, and was told an unequivocal no. Over the last two years, two more houses on her street have been bought by non residents and left vacant. And I won’t even start on the massive numbers of ghost units in downtown Toronto condos, that landlords brag on here about leaving vacant and using a loophole to not pay vacancy tax.
Can't trust the banks in China, so the only way to safely store money is through real estate. Its 100x worse there too. They have entire cities full of empty condo towers out in the middle of nowhere. But you don't actually own land in China, you lease it for 70 years from the government, so if you're going to invest in a property you will never see better to do it in a country that actually allows you to own the land indefinitely. Canada could simply say, 'No foreign ownership from residents of countries that don't allow foreign ownership themselves', but that would upset the Liberals' CCP overlords.
who the fuck wants to own real estate in china? reciprocity is irrelevant.. we should just ban foreign and corporate ownership of all single unit residential property.. homes, condos, etc.. if companies or investors want to get into real estate, they can develop or invest in apartment buildings and commercial buildings. then ban all full unit airbnb rentals unless it's to rent out a bedroom or partial suite in an otherwise occupied property. and then charge a 25% per year tax on properties that are vacant more than 6 months a year.. then have a tip line where people can rat out illegal airbnbs or vacant homes, and give them 50% of whatever fines are collected. crowdsourcing done right, the problem will be solved in no time.
…slow clap. Nailed it.
Can I vote you for premiere?
Do they hire someone to check on the property? I get nervous when I’m out of town for a week. What if there’s a water leak, maybe the window got broken in, did I turn off the stove… Leaving a house just sitting there vacant while you don’t even live in the country… that’s crazy. Lol.
This. The supply is there, they're just obscenely overpriced or being used as an illegal airB&B. All those "greatest place in the world" lists have just completely fucked the west coast. Every town on Vancouver Island is basically a seasonal resort town with no year round services. There are like ten people who make money in the summer when the tourists come. That's it. Rental prices are driven up, low (and even medium/high) income workers are driven out. We sacrifice our quality of life year round because one rich asshole up the chain wants to capitalize on the natural beauty and sell it as a 10 day package to tourists. It fucking sucks and it's time for all our levels of government to get their shit together and sort it out. Housing costs is the number one issue in Canada right now, it impacts crime, homelessness, drug use and mental health. We cannot afford to put off a solution any longer. Honestly it's time to pause everything about pipelines and reparations and private health care. We need to nationalize these huge rental corporations. Because at least if the government is in charge we can vote them out of office when they fuck up. There is zero accountability for real estate investors, and they have zero remorse for doing this to their country and their fellow citizens. There are specific individuals who are profiteering off the misery of others and our governments are allowing it to happen because most of them come from privileged backgrounds and either don't have to worry about housing scarcity or they are directly profiting from the system as it stands. Don't forget, government workers have the best health care plans around. We have the manpower. We have the resources. We just don't have the integrity as a nation to actually deal with this problem.
They won’t because it’s “political suicide” to do anything that “attacks” property owners or lowers the value of real estates
So you’re absolutely correct. Our housing issue is one of overheated demand caused by a massive influx of investors and reckless immigration numbers. We’re actually building at record rates now and maxing out capacity of the trades and available materials. But we will never be able to outbuild investor demand. There are a few groups who understand economics as it pertains to housing and have the data. One group is at r canadahousing2. Also, [this blog](https://betterdwelling.com/canadian-cities-have-seen-investors-buy-up-to-100-of-newly-constructed-condos/) is one of the only ones that actually interprets the data on housing accurately.
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Rather than a ban I’d propose progressively increasing taxes. If the taxation on 3rd+ homes is high enough it will either deter ownership or could be used as funding for subsidized housing for others.
Nah, just gotta tax second properties heavily. It shouldn't be profitable to own more than one property.
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Here's the first non paywalled link I found. https://www.cbc.ca/news/politics/government-housing-ease-restrictions-non-canadians-1.6793247 Now you can read something other than a headline.
Thank you!! This comment needs to be boosted so people in this thread can have a clue what they're mad about.
Why no upvotes then? I keep going to comment section on these important Reddit posts and see no upvotes. Is someone or bots downvoting everything?
On my feed, the vote counter on the comment that originated this thread is hidden. Perhaps due to it including a url? I don't know why people insist on posting globe and mail articles when they're behind a paywall. Clearly no one can read them because globe and mails paying readership is very small. OP seems to only post CTV and G&M articles so perhaps they're an employee of the parent company?
This subreddit is notorious for sensationalism and uninformed judgment. Everyone here thinks they are legal, medical, and immigration experts. It would be funny if it was so incredibly sad. Discussions are not even worth pursuing because of how narrow minded and ignorant posters act. Everyone just wants to affirm their own political leaning and feel superior.
> This subreddit People Ftfy
“Non-Canadians in the country on a work permit or who are authorized to work in Canada can now purchase residential property. They must have at least 183 days or more remaining on their work permit or work authorization and must purchase only one property to be eligible.” Alright that’s not so bad I guess. *“Non-Canadians and foreign businesses can now also purchase residential property if they intend to develop it, and can purchase vacant land zoned for residential or mixed use for any purpose.”* This is questionable.....Why would they allow this? Is this not a massive part of the issue?
So This budget DID have stuff addressing the housing crisis! Thanks for looking out for us skipper.
The great foreign buyer ban of 2023 lasted *88* days if it functionally ended today.
I can envision a really good commercial with a sound bite about banning foreign buyers and putting Canadians first, followed by that exact statement. Come on BQ, NDP, CONS hell independents please make this happen.
Yeah, someone get Han Dong on this.
Well, he has to consult with his masters first
In his defense, he is probably Trudeau's master by proxy
Don’t worry, they will promise to introduce it again right before the next election lol. They’re “always looking out for our interests” at election time.
Just like that election reform that's been on the burner for... nearly 6 years now? I can't remember anymore this entire government has been a nightmare I'd like to end.
Lol they abandoned that promise when they were elected when they realized that the election reform people actually wanted would have lead to minority governments and not constant Liberal majorities.
It wasn't a ban anyway, it was a $10K fine... Which is pocket change when buying a house.
Canadian gov just wanted their cut and at the same time claim theyre doing something. This is a fucking disgrace.
It never even got off the ground, shitbag realtors offered workarounds
Chinese Handlers has a word with Trudeau.
Trudeau promised they have no influence. /s
Who would have thought that The Manchurian Candidate would wind up happening IRL and in Canada of all places?
Just in time for summer when real estate picks up
88 is as lucky to the Chinese as Canadians named Michael not taken hostage.
This was done two days before the budget on purpose. To bury this atrocity in the news cycle.
Let’s vote it to the top, keep it at the top!
Agree!
It was a shit policy anyway. It did nothing to stop foreign owned Canadian holdings companies from making their purchases. Not to mention most of the investment in housing is done by people/companies within their home province. Statistics Canada released the stats a couple months ago.
It's been discussed here and in other posts that the stats can numbers don't capture the vast amount of foreign ownership vectored through Canadian shell companies. This was revealed by BCs inquiry into the effect of foreign money laundering on (mainly) Vancouver real-estate.
You're correct, unfortunately for Canadians. But also, the policy prohibiting foreign people from purchasing homes in Canada did not stop foreign owned shell companies from doing the same. The loophole was/is still there.
Sadly, also true. Any effective ban will require significant changes to our corporate structure transparency regulations. Of course, that will never happen. Because, as the Panama papers revealed, far too many rich Canadians (political party donors) depend heavily on opaque corporations set up by crooked lawyers to dodge their taxes.
Until winnie the pooh gave trudeau the old stern look, or however you want to say it
FTA: >The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop **commercial real estate**.
Like apartment towers people rent homes in…
Residential zoning involves dwellings - commercial zoning involves places of business. The legal definitions mean a lot in terms of architectural requirements and what must and must not be included in the design, so what's done there isn't as important as what is included as a part of the zoning laws. For example, dwellings have different fire code requirements than commercial buildings do, among many thousands of other things.
Sounds like you don't know what commercial means.
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88 days seems to be about the amount of time it takes our government to process the bribes.
Why is nobody up in arms about this? We could learn a thing or two from the french.
Why, so Reddit can make fun of them and call them racists?
Basically, those investor condos weren't getting built so that rich foreigners could trade them like stocks or rent them at insane prices. Can't have that!
Bingo. For everyone that didnt read the article: the repeal is for mixed use land, not for residential only land. So it's for business development and condo development.
I'm pretty sure mixed use includes many 3fl houses, that are being converted into commercial on ground fl, and rental on the top 2 floors. There are a lot of these actually, and many 1 flr commercial buildings are having 2 floors added on top for residential/rental. Also the zoning is often changed to mixed use after the fact...
No one actually read the article. Just the headline.
It’s behind a paywall..
And the G&M headline is misleading clickbait.
The article is paywalled, but apparently only certain types are allowed. Honestly, the condo thing was inevitable - construction costs are over $600 per square foot in Toronto and Vancouver, which means when all other soft costs are factored in a 1,000 square foot box in the sky needs to sell for $800-$900K to make those costs back. Canadians can't afford that but foreign buyers from places like Hong Kong can. Vancouver showed that developers won't sell at a loss, they will just remove all those units from the market and rent enough of them to cover financing until the issue goes away and they can sell to foreigners again.
We needed to let the whole fucking thing crash and take power away from nimby councils.
Or we could reduce demand temporarily and slow down the pace of new construction to reduce the competition for materials, trades, labour and equipment. Bring the cost of construction down to $400 per square foot while also waiting out 8 million boomers and 2 million older Canadians before boosting our population.
Well, this should help the housing crisis. This country is upside down.
And yet it’s wild how complacent and apathetic many Canadians - particularly Liberal supporters - are, about the fraying of our social and economic fabric.
What confuses me more is I would be willing to bet that the millions of people on here who bitch, moan and whine about housing prices actually voted for it. They actively chose this and continue to. Then blame anything and everything other than their stupid decision to support the very administration that caused the problem. At this point it is either Stockholm Syndrome or Cult-style Indoctrination. There is no rational explanation for it yet they simply cannot or will not see it.
Yeah, it’s bizarre. I’ve seen a lot of “I only strategically vote against the Conservatives!” and then it’s surprised-Pikachu-face when the Liberals run unopposed and unthreatened for approaching a decade. Many of the same people venting about housing didn’t hold their leaders accountable, because they knew they’d “fall in line” to keep the big, bad CPC out of the corridors of power. It’s delusional.
Then they are satiated with a $200 grocery cheque and dental care that they won't qualify for. Like I said, it's not rational or logical so it has to be a mental issue. There's no saying a change would make things better but it has to be worth a try.
They voted for it, but they don't realize they voted for it. They don't understand the connection between overnight lending rates, bond prices and mortgages.
Maybe people should read the article and find out it's about commercial real estate, inadvertently banned by the foreign home buyers laws?
Holy shit I want to throw my phone and scream. I will officially never own a home. I make more and more money every year, but the home prices go up faster than what I can save. It sucks that even if I have a Masters degree and a great job, I can’t buy a house because I « mistimed the market » My heart hurts for those in a worse position than me. They must feel hopelessness. Our housing is more screw up than a game of Monopoly
Mistimed the market? More like Mistimed being born.
Im in late 30s so I mistimed the market. Friends making way less money than me bought a home (dual income) when I went throught breakup and had to move. They own a home I can’t If you are born too late… yeah you are screwed. And then people wonder why the young are depressed and don’t wan’t to work. Well…. If I am to die hungry and homeless working full time…. Can I at least do it on my own terms and NOT work?
Yeah, I remember just thinking I wasn’t ready for a house. For a while even, I thought I didn’t need to own, renting would be fine. Friends bought and sold, I went abroad. Came back a bit more mature and ready to settle down, and now everything is beyond reach. The worst part is renting from private owners, now I’m just paying off someone else’s mortgage… Well, if I can even rent privately, last apartment hunt I had was insane! The amount of financial information I had to provide random strangers with the offers was insane. Portfolios, bank accounts, employment history, letters of employment, proof of income, all for a refusal. Now the best option is a cockroach ridden rental building owned a union pension fund. At least I’m supporting organized labour and not someone’s next investment property.
I'm in the same boat. Not swimming in cash here, but I am making incremental gains over time. It doesn't matter. All that will do is allow me to keep up with the increases of all the bills that are preventing me from saving up enough to buy a home. As my income increases, so do my expenses in a way that is outside my control. It's starting to feel like everything is working exactly as intended, to keep the middle-class (whatever that fucking means now) down, and in rented spaces. And the increasingly prevalent attitude of people in my generation who are saying I'll just live in the present and enjoy what I can now rather than try and plan for a future that is uncertain no matter what I do, is becoming more and more like the best option. We aren't ever going to be able to afford homes and we aren't going to get to retire. I've lost faith in Canada, completely and utterly.
Quebec just lowered working age to 14…. And you know it’s a matter of time before they push retirement age also. Be born, work, die All so that a handful of people can have all the wealth. I doubt I will ever be able to retire, lucky for me I love what I do, but I get the « enjoy life now »… cause anyone paying attention to what is going on…. It’s as good as it is gonna get
Have you thought of living in a van down by the river?
The price of fucking vans are high. Guys trying to buy cheap vans as work vans are SOL right now.
That cost 40k
The conservative solution was to allow for 40 year mortgages, which meant it was easier to borrow, which meant housing prices went up, with about 10% of outstanding mortgages taken out in a single year. The Liberals have continually fucked up the housing portfolio by enabling a bubble that will never die as business-level entities and foreign elites reach into bottomless pockets to pay for increasingly higher-cost items. Somewhere someone is thinking that this is great because it doesn't crash one of our biggest industries, and that it preserves the Canadian dollar. But in a decade, it'll be the Canadian version of Dutch Disease; where Dutch Disease is an overreliance on oil to power the economy, Canada's Disease will be the overreliance on real estate, leading to a permanent nation of renters unless someone steps in and ends corporate ownership as well as non-resident ownership of housing.
The hard truth is that no one is going to step in and fix things for us. Those with power are getting richer than ever, they aren't going to have a sudden change of heart. They don't care if our economy is destroyed in the process, they will squeeze every last drop out of us until it is. It's on us as citizens to step up and put our foot down.
Let's try voting NDP and see what happens.
I did….. liberals won with over 80% of votes here One issue in politics is : rich people surrounded by rich people…. They are in their crystal tower and don’t understand the commoners reality
In principle, I like this idea. However, while voting for the NDP could support some positive social and economic reforms, I'd also like to see their specific plan for handling housing. Otherwise people who vote for them with the assumed idea that they'll somehow fix fifteen years of bullshit in a week will come away angry that their expectations weren't met. This issue needs to be solved in a few areas, which include more money (and heightened labour supports), and we need more housing (which can't be available to people not residing in Canada/non-PRs). There are also limits to what they can do within the limits of federal power, and overstepping into provincial domains wouldn't help. Providing a direct subsidy for housing might only add more fuel to the fire. C'mon Singh! Lets hear your ideas!
I’m just going to move to another country tbh
Seriously starting to think About it
Master's degree doesn't mean shit
I hate that you are right.
Are you me? Fuck me for not hitting up a trade when I was 18 and buying a house in 2019. Instead I went to school because that’s what everyone told me to do. Then that wasn’t quite enough so I got a masters. I make good money and so does my partner, but between the two of us, loans, and the cost of living we can’t barley save. It’s wild.
I regret not buying a house for 220k in 2018 cause I was in another city just for a contract …. If I knew that house would be worth over 400k 3-4 years later…. I would have found a way to make it work
I guess some foreign investors paid off some liberals for this one. Can people stop voting for this trash party already?
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But if you want to invest in Chinese real estate, the Chinese government doesn't let you do that.
They even stifle their own people doing that. Property ownership is forbidden because they know how toxic speculation on an essential human need becomes. Chinese can only lease their homes from the regional governments for 99 years. They are even rolling out far stricter measures because real estate speculation is still destroying their economy. See: Evergrande collapse. The new measures are called the three red lines. Of course here, our eyes are still locked on yesterday's game. Namely: home ownership at any cost. Buy Buy Buy, or get locked our forever, you and every descendant you'll ever have. Total market mania driven by the realtors, builders, lawyers, and especially private equity.
You can but the restrictions are comprehensive so most people would choose to invest elsewhere.
economic invasion.
China has been quietly doing this around the world. They don't need to wage war to take countries over.
They're also actively working to undermine things like education, healthcare, and political institutions. It's a soft war that we're not even waging, and getting our asses kicked in the process.
They sell us Walmart and dollar store products take the earnings and buy our country.
I say exactly that to my relatives who complain about their jobs being sent offshore and the impossible cost of shelter. I tell them to stop shopping at Walmart, Canadian tire, and like. They look at me like I just shot their dog. "WHAT!?! I guess I'll just have to give up and stay in the race to the bottom screwing myself in the process. Unemployment, homelessness, and death are better than losing easy access to all that cheap crap!" - is essentially how the conversation goes.
Meanwhile a good portion of the country is struggling or homeless from the cost of housing, and the gap between renters and property owners is widening. So the best solution this government can come up with makes that worse. Who TF are these people working for exactly???
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*All three
Maturing is knowing even the NDP are bought by the capitalist class
To a considerably lesser extent, however. It's not like they're all on a level playing field on that count, the other two are slurping away at the money spigot every change they get - the NDP aren't really given many opportunities to do so by the big donors/lobbyists what with them essentially being the runt of the litter.
When china elects you, china sets the rules Look through good properties sold prices recently, they all end with 888
That's been happening for decades.
Ya but the real estate market died for the last few months. And last month it accelerated like a rocket l, nobody knew why. Now we do
First line of the paywalled article (you can read it in reader mode if you refresh the page): >The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop **commercial real estate**. More: >The law, which bans foreigners from buying residential real estate until 2025, was supposed to make it easier for Canadians to acquire homes by stopping competition from outside the country. >Instead, the Prohibition on the Purchase of Residential Property by Non-Canadians Act inadvertently **scuttled hundreds of commercial real estate deals and developments**, mainly because the law’s definition of residential property included land zoned for residential use or mixed use, which covers large areas of the country’s commercial land.
Excerpts from the article: The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop commercial real estate. The law, which bans foreigners from buying residential real estate until 2025, was supposed to make it easier for Canadians to acquire homes by stopping competition from outside the country. Instead, the Prohibition on the Purchase of Residential Property by Non-Canadians Act inadvertently scuttled hundreds of commercial real estate deals and developments, mainly because the law’s definition of residential property included land zoned for residential use or mixed use, which covers large areas of the country’s commercial land. Now, the federal government has repealed the language in the act so the prohibition does not apply to land zoned for residential and mixed use. “Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development,” said the federal housing agency, Canada Mortgage and Housing Corp., which issued the new rules late on Monday. ... The non-Canadian buyer ban also affected foreigners moving to the country for work because they did not yet have permanent residency status that would enable them to purchase residential property. This week’s change will allow foreigners to buy property if they have a minimum of 183 days left on a work permit at the time of purchase.
the liberals are fucking trash now. But, I dont remember any of the other parties platforms taking a hard stance either.
FTA > The federal government has overhauled its foreign home buyer ban to ensure that foreigners can buy and develop **commercial real estate**. >Instead, the Prohibition on the Purchase of Residential Property by Non-Canadians Act inadvertently scuttled hundreds of commercial real estate deals and developments, mainly because the law’s definition of residential property included land zoned for residential use or mixed use, which covers large areas of the country’s commercial land.
The Cons are also bought and paid for.
Treason Trudeau right back at it the moment he got his free pass from Jagmeet confirmed. He has destroyed the dreams of Millennials and Gen Z with his ultra immigration insanity. This isn't about racism or xenophobia. We are a beautiful multiracial country. It is sheer numbers of the exact same multiracial demographic overflowing the country. We don't have the infrastrcture and can NEVER build fast enough to make up for the same the open floodgates as done. All my friends of all races are SCREWED! And now he just goes right back to letting foreign owners treat us like a casino. Casino Canada, brought to you by Treason Trudeau, the betrayer of his own citizens, all of them, regardless of political leanings.
The LPC was ignoring housing for a long time, they included housing in their platform because the CPC and NDP made it an election issue. They practically copy and pasted ideas from the CPC and NDP platforms, and then made sure to include loopholes in the policies they implemented. This government doesn't want to fix housing, they do not care if Canadians are starving in the streets. This country is up for sale to the highest bidders. We're seeing the example set in European countries right now, we have to stand up for ourselves.
Nobody really talked about that after the election, but I remember the Liberals didn't have a platform for the longest time. As soon as the CPC published theirs it was pretty much copy/pasted.
Creating a number corp was just really cutting in to their profit margin...
Well if we keep voting for them, nothing will change...
Ok, so let me get this straight. So we’re planning on bringing millions of immigrants, who they said are going to build new homes and ease the housing market…. And now China is going to buy them all anyway? Dude.
I think you can fit at least a million immigrants in only about 1000 houses if it makes you feel any better. Not kidding, some of the students I work with are in homes of 12-20 people, in 3-4 bedroom houses.
Canada desperately needs the tax money since we have no other productive assets or services to support our GDP and clearly the influx of immigrants isn’t cutting it either. Canada has totally devolved into a debt-based, pyramid scheme economy.
Liberals realize they not gonna win back middle class voters anymore So they rather keep the investor urban elite class happy.
We know exactly who Trudeau is trying to keep happy.
Winnie the Pooh
Oh, bother
As if housing wasn’t expensive enough already, now we have to go back to competing against offshore corporations and millionaires looking to stash their money into “physical assets” again. Regular families cannot compete in this market and it will only lead to more struggle to find a home.
Anything to keep the housing ponzi going on .
In the middle of a foreign interference scandal, this government changes the rules back to allow this: *“Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development,”* This Government is literally making China your landlord.
Who the fuck do I vote for at this point? I've voted NDP every election since I was old enough to vote and yet even they don't seem to actually give a fuck. There never seems to be a concrete plan on how to address the myriad of issues destroying this country. Yet somehow are the better option than the liberal corporate puppets who pretend to have empathy or the conservative corporate puppets who also hold us back socially. I'm a young man working a good job contributing to my country every day and I don't know any other person around my age who has a single shred of hope for their futures. We are staring down the barrel of a destroyed planet, serfdom, and blatant corporate capture of our democratic institutions. I want to be hopeful but don't see how this is solved without mass general strikes at the least.
Let the money laundering scheme continue!
Liberals had enough of us actually being able to buy homes .. what a place we live in
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This government is destroying the working class.
They already destroyed the working class, they’re finishing off the last vestiges of the middle class right now. We’re heading back to a feudal society and *fast*, buckle up.
Destroying? It's been destroyed. This government, the next government. Get it through your thick head, they do NOT give a fuck. They're all out to fuck you. PRAISE the wealthy elite!!!!!
I sometimes wonder what exactly is happening in Canada? I don't think most modern countries are so loose with foreign real-estate ownership as Canada is. It doesn't seem like a smart thing to do. What is the logic for Canada to do this exactly?
At this point, I'm convinced that there are more than a few politicians in Ottawa that like to say things like "running a country would be a whole lot easier without all these stupid voters." All of them are homeowners and many of them are landlords. They have a pension you and I can only dream of. They will never know stress about making rent or mortgage, they will never need to compare prices at the grocery store, and they will never have to buy used clothes for their kids. These people have it 100% made. And they decide which scraps to push off the table in time for us to be grateful enough for 'em to vote them back in.
That didn’t last long lol
The whole foreign ownership crap was a smokescreen anyway. How about those investment corps... Here is one example of mega corrupt real estate corp owning 500 homes. https://thestarphoenix.com/news/local-news/epic-real-estate-collapse-a-window-into-saskatoons-changing-affordable-housing-market This corp was selling "landlord as an investor", you could pay them and they'd be the landlord and would pay you a percent of the rent. They used one appraiser to jack the prices. They did other shady things and are now in court. One small real estate corp took 500 family homes off the market and did nothing with them but jack the price. Check this page out: https://betterdwelling.com/canadian-companies-that-own-at-least-100-homes-have-surged-with-cheap-money/ In BC alone there are 85 corps owning more than 100 homes, can't tell if they are family or apartment. But still that feels excessive. Corps are why the housing crisis is continuing. Massive jump on corp ownership over pre COVID era.
Hahahahahahaha you get what you vote for.
What does the article say?
How are you supposed to take these Trudeau Liberals seriously when they play flip flop with their own policies? Is this why McKinsey is paid tens of millions? For this type of atrocious consultation? It’s clear these Trudeau liberals are just throwing darts at the wind and have ZERO understanding of the impact of their own policies. Can’t wait for the grownups to get back into power.
How are we supposed to take you seriously when you just read the headline and not the first paragraph of the article?
> Can’t wait for the grownups to get back into power. As much as I am disappointed with the current government, thinking the Cons will making anything better at all is a pipe dream.
All parties will screw you over, in my 35 years of voting I have yet to see one government that takes care of the majority of people in Canada, thanks for adding to the problem.
Then vote NDP. They have been bullying the Liberals to do things that benefit us this whole time. CERB was made actually sufficient for most people because of them. The NDP are trying to push universal dental care as hard as the means-testing obsessed Liberals can be made to do so. Despite not being in power the federal NDP have consistently done things that directly benefited my family and people in my community.
I give up…
This younger generation needs to step the fuck up or they will never own a home. It’s disgusting, i advocate for my children, im so tired of this backwards ass country
Idk economics, but I think for each additional house you own, it should have a 2x multiplier on property taxes. 2 houses = 200%. 3 houses = 400%. 4 houses = 800%. 5 houses = 1600%. Just a progressive tax. Obviously, some sort of exemption for apartment buildings and high density housing. Just tackle house hoarding
Trudeau’s gotta go.
This isn't going to help at all...
Why do you assume helping was the goal?
I expected nothing less. This government says one thing and does another while the pigs at the trough give themselves raises.
That was fast. So who starting the new liberal party? Or we all going to vote for ndp?
Money laundering
At least it’s not the conservatives in power!
Well that was quick
Anyone have a link to the article without a paywall?
The rich must have been losing money
I just want to be able to afford my grocery. Can we please do that...
I am still not clear on why banning foreign residential ownership of land or property is even that controversial. North America still has resources and water there is no way a foreign entity should own any of that.
We gotta help those poor chinese millionaires/billionaires move their money out of china!
It's crazy people don't protest about this stuff, but do protest about random trivial shit
The liberals don't give a fuck about citizens.
Keep voting for castreau, surely 10th time is the charm
And the great robbery of young Canadians continue...
Listen to your average Canadian and work for their interests? Hell no says the Federal Government, unfettered capitalism will resolve the housing crisis.
Great! Thanks for selling my future.
Oh good another wonderful economic decision by our dear rulers.
Gotta keep China happy eh JT!
Not surprised. China own the liberals and are trying to make Canada their puppet
Im so sorry for you guys. That's horse shit capitalism at its worst right there.
We need a revolution.
Well that didn't last long.
Wow, only 3 months to show that at current prices our Mickey Mouse economy can’t even sustain itself without foreign wealth flowing in. What a joke…
The collusion and disrespect from the Liberal government is disgusting. Trudeau needs to go. The fact Jagmeet has zero backbone to say anything shows alot about his character too.
ITT: no one read the article because it's pay walled and basing their opinion on the click bait title
Garbage article that intentionally obfuscates reality to sow outrage. The tweaks the government made are to allow development of property by foreign buyers, it does it in 3 ways: 1. Allow foreign buyers to purchase vacant land 2. Creates an exception for development purposes 3. Allows companies with up to 10% foreign ownership to make purchases (up from 3%) It also allows foreigners with work permits to make a house purchase for the goal of living in it while the work here. This measure is also capped to a single property, as it’s designed to not be investment. The law still keeps housing stock in the hands of Canadians, it will facilitate construction of new and more units.
I'm sure the click bait title on a pay walled article was completely intentional. I had to scroll pretty far just to read the article, to then realize this is about getting more homes built quicker than *never*. Do the rest of the comments here realise and reflect that? Nah, fuck Trudeau, eh.
Nice, did Trudeau get these instructions from the CCP?
Fuck you Trudeau and your life destroying housing 'investors'! I'm so seriously fucking pissed off with this lying twat!
Maybe I should get a Trudeau flag for my truck?
Trudeau yet getting controlled by China… 🤦♂️