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Mortgage Broker News | 20 Jan 2016, 08:17 AM Agree 0
The proposal to rein in foreign influence on housing prices will pass but it isn’t enough, according to one industrial professional
  • Walid Hammami | 20 Jan 2016, 09:40 AM Agree 0
    There is a different way of doing this. Right now foreign investors are just parking their money in our real estate. We need to make sure it's an investment that benefits the economy and not a trojan horse that will trigger a bubble.
    We need a loading plan and an off loading plan.
    The solution is not that simple. These politician can't an inch farther from their nose and we put our fate in their hands. Crazy.
  • Nick Bachusky | 20 Jan 2016, 03:27 PM Agree 0
    I agree with Jessi. I would love to see a higher tax as well. These foreign buyers are just hurting Canadians in many areas too much with not enough added benefit for us.
  • Nick Bachusky | 20 Jan 2016, 03:30 PM Agree 0
    Can it really be believed that ONLY 5% of the real estate sales in Vancouver are from foreign owners as per this article: http://www.cbc.ca/news/canada/british-columbia/bc-real-estate-tax-housing-prices-1.3409587 ?? That seems way too low from what I hear from friends/family/realtors in that part of the country.
  • Dave | 20 Jan 2016, 03:47 PM Agree 0
    Well said Walid. 1.5% tax means nothing to a foreign holding a suitcase with $2 million cash in it.
  • Appraiser | 20 Jan 2016, 05:17 PM Agree 0
    And by foreign you mean Chinese not American, right?

    Oh, the fear of the "yellow peril". Such incredible xenophopia.

    Let me guess. It's still o.k. for Canadians to leave their Florida vacation properties vacant for most of the year with no special foreign tax - eh?

    Because Canadians aren't "evil" money laundering criminals - amirite?

    GET REAL!
  • Jessi | 20 Jan 2016, 08:12 PM Agree 0
    I agree with me too :)
  • Derek Austin | 23 Jan 2016, 01:52 AM Agree 0
    Maybe they should stop leading them money from our Banks , RBC removed the ceiling on mortgage amounts . In the USA a foreigner can't get a Mortgage from a American Bank or Credit union. I would think that should slow things down a bit . As well as make the average Canadian debt load lesser .
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