this post was submitted on 15 Aug 2023
32 points (100.0% liked)

Politics

10176 readers
74 users here now

In-depth political discussion from around the world; if it's a political happening, you can post it here.


Guidelines for submissions:

These guidelines will be enforced on a know-it-when-I-see-it basis.


Subcommunities on Beehaw:


This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
[–] BraveSirZaphod@kbin.social 2 points 1 year ago (1 children)

Foreign owners only account for a small share of the Canadian real estate market. According to Statistics Canada, a government website, non-residents owned 2.2 percent of residential properties in Ontario and 3.1 percent in British Columbia in 2020. The percentages were 2.7 and 4.2 in the Toronto and Vancouver metropolitan areas, respectively.

https://www.aljazeera.com/news/2023/1/6/why-is-canada-banning-foreign-homebuyers

I'm not personally convinced that freeing up maybe 3% of the housing stock (large amounts of which are probably rented) would have a significant effect on the housing market. Maybe, just maybe, there's been a chronic lack of new supply for decades?

Nah, I'm sure it's just those dastardly Chinese.

[–] argv_minus_one@beehaw.org 1 points 1 year ago

Maybe, just maybe, there’s been a chronic lack of new supply for decades?

Then why is this only now, only abruptly, becoming a problem?