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Mortgage Broker News | 25 Nov 2016, 08:15 AM Agree 0
More decisive steps from the federal government would greatly help in ensuring better affordability, experts say
  • Kris Kooblall | 25 Nov 2016, 10:54 AM Agree 0
    Firstly, we need to establish a consensus that there is a national housing crisis on our hands.
    Secondly, all levels of governments, federal, provincial and municipal, needs to act in a co-ordinated planning and effectively taking policy actions in concert designed to dissipate if not solve the nation’s housing crisis.
    In addition, Canadian families pay in excess of $30,000.00 per year per family in direct and indirect taxes and are entitled to be first in line to purchase homes for their families. Yet foreign investors with regard to Canadian residential real estate are provided with the very same access and who pay zero taxes to the Canadian economy.
    Here in Ontario, both the provincial and municipal government in the case of Toronto has never taken the time and effort to delve into what drives this housing crisis let alone attempting to solve this crisis.

    There is also no developed profile of these “foreign investors” with regard to the purchase of residential real estate and its effect on our economy.
    The Bank of Canada has also confirmed the controversy regarding the contribution of these foreign investors in Canadian residential real estate as outlined in a speech on November 16th by Timothy Lane, Deputy Governor of the Bank of Canada in Waterloo, Ontario.

    /There are, of course, certain types of transactions that are periodically a source of controversy—notably, foreign investment in Canadian real estate and certain foreign acquisitions of Canadian companies./

    We simply have to got to get this right and we seem deliriously focused on extraneous factors of contribution to this national housing crisis and may not be close to an urgent resolution.
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