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Mortgage Broker News | 09 May 2016, 08:15 AM Agree 0
Federal measures intended to cool down the housing sector in high-demand cities have not worked, according to analysts
  • Jennifer Coy | 09 May 2016, 01:30 PM Agree 0
    Federal Government changes to increase down payment on homes over $500,000...what did they think that would do? Foreign investors don't require mortgages in Canada to acquire property. They are writing a cheque. All that change did was make it harder for residents to buy single-family homes and appropriate space for their families. While I think encouraging supply would be a help to a market where the average Canadian is pushed into renting, facilitating wealth for the ones who had it to begin with, I do not think that foreign investors should be able to use housing like a commodity. Like frozen orange juice or wheat. More supply means more options for foreign investors, too. Ever seen a Vancouver area high-rise at night? It's sad and frightening how many are not lit up. What happens if one day, they all pull out at the same time because another foreign market will improve their return on investment? Flood our market with homes while radically decreasing the value? What of all the people who scraped by to buy one in an attempt to build some equity and security for themselves and their family? It is easy to dismiss the idea that the foreign investment we have should be discouraged or regulated when you benefit financially from it. But nobody is truly immune. I feel the issue needs to be curbed at both the Provincial and the Federal levels by heavily taxing vacancy and non-residents.
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