Reply to Canada now bans foreigners from buying houses- should we do the same?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Suspect the move by the Canadian government will actually have minimal impact.  Anyone seen any stats about the actual number of properties owned by overseas buyers?

Canada's population grew by 1.8 million in the 5 years to 2021. It's probably easier to blame overseas buyers for rising house prices rather than admit that new construction simply hasn't kept up with the influx of immigrants.  Governments are pretty bad at planning for population growth.  Couple that with the impact of Airbnb, lack of suitable space (no building on flood plains please!), regulations, NIMBYism and the difficulty of dislodging aging babyboomers from their big 4 bedroom homes to make way for families.
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I thought the purpose was to make the housing market sane again, not to get immigrants out.  Young people cannot afford houses because they are all turning into rentals.[/quote]

"Earlier this year, the Canada Mortgage and Housing Corporation reported that 3.5 million more homes would need to be built by 2030 to achieve affordability for all Canadians, but campaigns around housing affordability “have focused on demand suppression, like our foreign-buyer taxes, and they’re politically favorable,” said Kevin Crigger, president of the Toronto Regional Real Estate Board, an industry association. “But for the last decade, we’ve called on government to look at supply.”

It's just easier for governments to blame foreigners rather than implement measures that address the issue in its full magnitude.
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