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Forum » Canada bans foreigners from buying residential real estate?
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Thread: Canada bans foreigners from buying residential real estate?

post 1659452453 04-11-2022, 07:07 AM
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Canada bans foreigners from buying residential real estate?

Is this true?



Seems legit. About time, we’ve had these rules in place for decades.

https://amp.usatoday.com/amp/9516448002
post 1659452563 04-11-2022, 07:13 AM
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It's a weak rule. Key takeaway:
The government announced a two-year ban on foreign home buying as well as higher taxes for people who sell their home within a year,though both measures include multiple exceptions including for permanent residents and foreign students.
The issue here is foreign students can still buy. Parents will just send off their kids to buy mansions in Vancouver/Toronto (GVA/GTA) for easy properties.

They just heard the vocal minority on social media, and decided to make themselves look good.
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post 1659452693 04-11-2022, 07:17 AM
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Originally Posted By Bracket199⏩
It's a weak rule. Key takeaway:



The issue here is foreign students can still buy. Parents will just send off their kids to buy mansions in Vancouver/Toronto (GVA/GTA) for easy properties.

They just heard the vocal minority on social media, and decided to make themselves look good.
why would we want to ban foreign students from buying property? that is such a tiny niche of the market.

i bought my first property from a foreign student moving back to hong kong.
post 1659453293 04-11-2022, 07:31 AM
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Originally Posted By Bracket199⏩
It's a weak rule. Key takeaway:



The issue here is foreign students can still buy. Parents will just send off their kids to buy mansions in Vancouver/Toronto (GVA/GTA) for easy properties.

They just heard the vocal minority on social media, and decided to make themselves look good.
Pretty much this - its basically to make for good headlines, appeal to hairy-armpit liberal "women" and incel guys who didn't amount to nothing and make $40k a year at 27 in Toronto. There actually aren't that many foreign investors in Canada when it comes to property - most of it are permanent residents or students who come here to study.
post 1659453393 04-11-2022, 07:34 AM
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I wish Tennessee would have stopped the flood of new residents about five years ago.

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post 1659453543 04-11-2022, 07:38 AM
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Canadas entire economy is based of dodgy real estate deals NFI.

This proves that at some point though house prices will need to come down to appease the plebs. This whole idea that buying a house is some unatainable goal is full r*tard. Look at how many fat single moms on Tinder say they are a home owner.
post 1659453583 04-11-2022, 07:39 AM
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Originally Posted By exxtracool⏩
why would we want to ban foreign students from buying property? that is such a tiny niche of the market.

i bought my first property from a foreign student moving back to hong kong.
Because it's not an issue; but when half of social media believes this is the problem (same with corporate ownership on Single Family Homes), then politicians will just tell you what you want to believe. I'm pretty sure foreign ownership is extremely low, and most of them buy up properties that us povertycels cannot afford.

If Canada decided to increase housing supply, and make blind bidding more transparent, then they will cool the market. Instead, they're just telling people what they want to hear.
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post 1659453753 04-11-2022, 07:44 AM
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should levy 100% tax if the house is sold within 10 years or is not primary residence. enough with the flippers and speculators. corporations should not be allowed to buy up residential homes either.
post 1659453873 04-11-2022, 07:47 AM
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Foreign scum will find a way around it
post 1659453893 04-11-2022, 07:48 AM
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Originally Posted By GeezersPalace⏩
Canadas entire economy is based of dodgy real estate deals NFI.

This proves that at some point though house prices will need to come down to appease the plebs. This whole idea that buying a house is some unatainable goal is full r*tard. Look at how many fat single moms on Tinder say they are a home owner.
what's the avg salary over there? $50k? average single detached home in the burbs outside metro canada is probably closer to $1mil. that kind of gap is retarded. the single moms you mentioned either inherited the house/lying/or they live in bumfuk nowhere in a shed house that's worth $100k.
post 1659454053 04-11-2022, 07:51 AM
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Originally Posted By menseks⏩
should levy 100% tax if the house is sold within 10 years or is not primary residence. enough with the flippers and speculators. corporations should not be allowed to buy up residential homes either.
Originally Posted By lnvictus⏩
For like two years, it's useless.
Just slap a 40% tax on foreign ownership, and the owner must reside there as permanent resident would be more effective.
While you're at it - make it so whoever buys a house must stay in it for three/four years mandatory, which will get the real estate income *******s out of the picture.
These are at least somewhat even better policies. I think 100% tax on properties sold within 10 years is aggressive; but anything sold within 3 years needs to have a tax on it. I'm tired of seeing new builds being bought, constructed, and then immediately sold. They never had the intention of actually living there.
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post 1659454093 04-11-2022, 07:54 AM
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Originally Posted By monster0ultra⏩
It's not wrong for them to do it but it is straight up racist.

OP himself is a foreigner in Australia who spams about real estate.He doesn't mean actually mean foreigners though, he means Chinese people. It's about race, not foreign.
1) I’m a citizen of a number of countries including Australia
2) I pay more in state and federal taxes each year than your annual income
3) foreigners here aren’t allow to buy existing residential property, but are allowed to fund the construction of new housing developments by buying a certain percentage off the plan. This helps add to the supply of new homes.
post 1659454193 04-11-2022, 07:56 AM
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Originally Posted By menseks⏩
should levy 100% tax if the house is sold within 10 years or is not primary residence. enough with the flippers and speculators. corporations should not be allowed to buy up residential homes either.
so kill the real estate market? seems like a reasonable approach..

why not apply the same capital tax on other market speculation too?
post 1659454273 04-11-2022, 07:59 AM
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Originally Posted By exxtracool⏩
so kill the real estate market? seems like a reasonable approach..

why not apply the same capital tax on other market speculation too?
Because there’s no political mileage from people being priced out of the cryptocurrency market (or claiming to be)
post 1659456023 04-11-2022, 08:34 AM
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It really just amounts to a feel good policy, and something of this effect should have been implemented a long time ago. It's only 2 years like wtf is that going to do. It's like applying a bandaid to an arm that's already been amputated. The days to control rampant housing inflation since the Liberal govt took over has long sailed. I'm not even sure it can be really stopped at this point.

Alot of it is people flipping, red tape, terrible policies, etc. Everything they've done so far has made it more difficult for first-time homebuyers that just want to get some equity in the market and raise a family.
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post 1659463883 04-11-2022, 11:10 AM
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Originally Posted By sooby⏩
It really just amounts to a feel good policy, and something of this effect should have been implemented a long time ago. It's only 2 years like wtf is that going to do. It's like applying a bandaid to an arm that's already been amputated. The days to control rampant housing inflation since the Liberal govt took over has long sailed. I'm not even sure it can be really stopped at this point.

Alot of it is people flipping, red tape, terrible policies, etc. Everything they've done so far has made it more difficult for first-time homebuyers that just want to get some equity in the market and raise a family.
I don't get why more people aren't upset at the fact that the housing supply remains low. Developers complain on lack/price of supplies, so they have to jack up the prices. Then the government does nothing to assist in that, but chooses to focus on foreign ownership, that only affects GVA/GTA. These buyers aren't moving to where Hutrapper lives, yet their primary focus is on the most populated cities.

Toronto and Vancouver are too far gone at this point. If you want to live there, you have to accept the new prices.
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post 1659464063 04-11-2022, 11:16 AM
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This bill is like closing the barn door half way after the horse already bolted. I feel bad for you Canadabrahs getting sold out of your own nation by your neoliberal cuck masters.
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post 1659464203 04-11-2022, 11:19 AM
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Originally Posted By FA*******⏩
This bill is like closing the barn door half way after the horse already bolted. I feel bad for you Canadabrahs getting sold out of your own nation by your neoliberal cuck masters.
If conservatives stopped focusing on Freedom Convoy/COVID (like Pierre Polievere is doing), they can probably just pull the election easily. We need to get over this COVID garbage and focus on the cost of living, and our future in science/tech, healthcare, and military.

Trudeau is losing out on the popular vote for many reasons (wins because of the seats he gets). I wouldn't be surprised if Liberals tell him to step down next election in case they lose power.
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post 1659464473 04-11-2022, 11:26 AM
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its so his buddies at a blackrock-esque investment firm can buy up all the houses instead
post 1659464503 04-11-2022, 11:27 AM
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Probably to stop all the Chinese from buying up all the real estate and jacking up the prices.
post 1659464533 04-11-2022, 11:27 AM
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Originally Posted By r32gojirra⏩
Is this true?



Seems legit. About time, we’ve had these rules in place for decades.

https://amp.usatoday.com/amp/9516448002
E P I C

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post 1659464543 04-11-2022, 11:28 AM
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Sounds like a bunch of communists in here. You guys don't appreciate an open and free market?
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post 1659465113 04-11-2022, 11:39 AM
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one of the easier ways to manage property prices is have penalties or taxes for flipping. This ensures real people who want to live in the houses buy up property and not just investors and money launderers.

In US they badly need to do this as all speculators and bankers have been flipping property for last 2 years resulting in these skyrocketing value.
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post 1659465293 04-11-2022, 11:42 AM
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Originally Posted By Ironmanlet⏩
Sounds like a bunch of communists in here. You guys don't appreciate an open and free market?
you can't have freedom without sovereignty you double speaking ****g0t
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post 1659465633 04-11-2022, 11:47 AM
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Originally Posted By Bracket199⏩
I don't get why more people aren't upset at the fact that the housing supply remains low. Developers complain on lack/price of supplies, so they have to jack up the prices. Then the government does nothing to assist in that, but chooses to focus on foreign ownership, that only affects GVA/GTA. These buyers aren't moving to where Hutrapper lives, yet their primary focus is on the most populated cities.

Toronto and Vancouver are too far gone at this point. If you want to live there, you have to accept the new prices.
yeah its phucking stupid, i think we have the most red tape out of any modernized country when it comes to building houses. we have so much phucking land so i don't even think that is an issue. it just takes so long to go from presenting plans for develop to when they actually start building. Whatever they do now in terms of building more homes isn't going lower housing prices until maybe 3 years from now if we're lucky, and that's if any aggressive plans start literally right now and that's if the governments don't phuck things up even worse in the process.

housing has gone up pretty steadily even under the Harper govt but even with those increases it was still very affordable. but with Trudeau it just became very bad, wasn't even really materials increases either at least pre-pandemic. the GTA tbh is pretty far gone at this point. Even Barrie and Niagara are close to far gone lmao.

Makes me wonder who are going to scoop these new houses. Probably some landlords who is going to rent it out to hundreds of thousands of immigrants we plan on bringing in to Canada.
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post 1659465753 04-11-2022, 11:49 AM
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Originally Posted By benedetto27⏩


This is one of the best ads I've ever seen.

..except of course the quick fix of spiking interest rates to crash the market or cutting immigration in half to drop the demand created by 500,000 people coming here every year.
He did forget to mention one thing about the house he really should have. 4.8 is the "listing price" but it's going to go for well over 5m in a bidding war.
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post 1659465933 04-11-2022, 11:53 AM
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Originally Posted By rectifryer⏩
you can't have freedom without sovereignty you double speaking ****g0t
None of this violates either of those things.
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post 1659466023 04-11-2022, 11:54 AM
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Originally Posted By Bracket199⏩
I don't get why more people aren't upset at the fact that the housing supply remains low. Developers complain on lack/price of supplies, so they have to jack up the prices. Then the government does nothing to assist in that, but chooses to focus on foreign ownership, that only affects GVA/GTA. These buyers aren't moving to where Hutrapper lives, yet their primary focus is on the most populated cities.

Toronto and Vancouver are too far gone at this point. If you want to live there, you have to accept the new prices.
Ottawa is out of control too (basically all of southern Ontario). I've even heard Halifax has doubled in price over the past two years.

The new ban is a waste of time. Also, people don't realize that foreign ownership is only about 6-8% of home owners - and higher in places like Vancouver. Way too many loopholes in that new policy to make it have any teeth.

Yes, they need to drastically increase supply but also correct shady stuff in the industry like blind bidding and price manipulation. There's solutions, but they are of course incredibly unpopular to wealthy people so no politician is going to implement them.
post 1659466073 04-11-2022, 11:55 AM
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Originally Posted By Ironmanlet⏩
None of this violates either of those things.
what is a country?
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post 1659466433 04-11-2022, 12:01 PM
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Originally Posted By rectifryer⏩
what is a country?
The constitution and US laws apply on all of that property. US has legal authority over it.
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