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Canada bans foreigners from home purchases, high taxes if you sell within a year
Posted on 4/9/22 at 10:00 am
Posted on 4/9/22 at 10:00 am
quote:
OTTAWA, Ontario – Prime Minister Justin Trudeau’s government announced Thursday it will ban foreign investors from buying homes in Canada for two years in a bid to cool off a hot housing market.
Finance Minister Chrystia Freeland took a number of measures to tamp down speculation and demand amid record home prices in announcing the federal budget for the year.
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.
should the US try this?
11
Posted on 4/9/22 at 10:01 am to TigerintheNO
Needs to be done here too.
Posted on 4/9/22 at 10:01 am to TigerintheNO
Sounds xenophobic.
Trudeau must be a white supremacist. Which also explains his love for blackface.
Trudeau must be a white supremacist. Which also explains his love for blackface.
Posted on 4/9/22 at 10:02 am to Bestbank Tiger
Yeah, imagine if Trump tried that. 
Posted on 4/9/22 at 10:05 am to TigerintheNO
Capitalists, what do you think?
Friedman waving an invisible finger at Trudeau?
or
Capitalism's free range must be contained?
Friedman waving an invisible finger at Trudeau?
or
Capitalism's free range must be contained?
Posted on 4/9/22 at 10:07 am to tigerpimpbot
The left in NYC has advocated for similar policies for a long time… Trump would never do it because it would hurt developers who build luxury buildings in Manhattan. They get a property tax exemption and most units are bought by rich foreigners who never inhabit them. Just an asset class for them.
Posted on 4/9/22 at 10:08 am to TigerintheNO
Amusing considering Canadians are snapping up homes in Florida, Colorado and Arizona using their inflated domestic property values to their advantage.
Posted on 4/9/22 at 10:10 am to Turf Taint
quote:
Capitalists, what do you think?
Capitalism works when it's pure. At this point we've strayed so far from a free market that shite like this is now needed unfortunately. Government has tried to make themselves necessary for years
Posted on 4/9/22 at 10:13 am to Turf Taint
Friedman would argue that regulation is what got us into this situation. He'd definitely wag his finger at regulation like this to cool off demand. A lot of Friedman's principles mean letting people/systems fail though, and everyone gets upset when the government doesn't step in to absorb the blow.
Posted on 4/9/22 at 10:15 am to Turf Taint
quote:
Capitalists, what do you think?
Friedman waving an invisible finger at Trudeau?
or
Capitalism's free range must be contained?
Restrictions on land use via zoning laws destroyed anything resembling a free market in housing decades ago. The free market answer is to remove those restrictions. Short of that, it makes no sense asking about a free market solution to what is fundamentally a government created problem.
Posted on 4/9/22 at 10:22 am to TigerintheNO
Chinese have been gobbling up Vancouver.
Posted on 4/9/22 at 10:25 am to Joshjrn
quote:
Restrictions on land use via zoning laws destroyed anything resembling a free market in housing decades ago. The free market answer is to remove those restrictions. Short of that, it makes no sense asking about a free market solution to what is fundamentally a government created problem.
Single family housing zones is one of the greatest inventions of all time. Density that gets out of control can be devastating.
Posted on 4/9/22 at 10:25 am to Turf Taint
quote:
Capitalism's free range must be contained?
its communist China buying all the houses in Vancouver
Posted on 4/9/22 at 10:45 am to TigerintheNO
This is why I find it hilarious that liberals in this country bitch about how this is the most oppressive place on earth when it comes to immigration and foreigners. They all threaten to move to Canada if Democrats don't win, but they don't realize that they'd probably get turned away
Posted on 4/9/22 at 10:47 am to TigerintheNO
I actually agree with Justin Trudeau on this one. I also think the United States should lower, or limit, the capital gains exclusion on primary residence sales.
This post was edited on 4/9/22 at 10:50 am
Posted on 4/9/22 at 10:48 am to Turf Taint
quote:
Capitalists, what do you think?
Let the bubble pop. This just drags it out.
Posted on 4/9/22 at 10:52 am to jlovel7
quote:
Single family housing zones is one of the greatest inventions of all time. Density that gets out of control can be devastating.
We can quibble over whether it’s good policy; I don’t think you can reasonably argue that zoning laws aren’t primarily responsible for skyrocketing housing costs, which is what incentivizes foreign and corporate investment in residential real estate.
Posted on 4/9/22 at 10:52 am to yaboidarrell
quote:
Needs to be done here too.
100%. You cannot let foreign entities take you over from within.
However, that ship has sailed. Our leaders are sold out, and we are too big of pussies and too selfish to take a stand ourselves.
A few will take the stand themselves. They'll just end up fricking themselves by doing the right thing, bc not enough will do it, so it won't make a difference.
Posted on 4/9/22 at 10:53 am to TigerintheNO
quote:
Canada bans foreigners from home purchases, high taxes if you sell within a year
So there will be even more in the US. Fantastic.
Posted on 4/9/22 at 10:55 am to RogerTheShrubber
quote:
Chinese have been gobbling up Vancouver.
There are a shite load of new mid rise residential buildings all over Toronto. It just doesn't make sense. The growth rate there just isn't that strong.
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