Quote:
Originally Posted by iEatClams
those in the industry (myself included) know it's a given now. chinese money plays a huge part in real estate. I dont think you can even debate it anymore. developers will never admit it because they dont want any restrictions at all.
the question now is: should we start having restrictions? Countries like singapore, australia, thailand, switzerland etc have restrictions. but should Canada?
there's pros and con's.
I personally think we should have restrictions similar to Australia.
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I always support some kind of restriction. Such as from singapore. Only citizen can purchase housing. Or have applications to allow international to purchase say no more than 5% of the total real estate being sold last year. That leaves local with a much much higher chance to purchase since housing price will be as high as it is now (mainly because the market will be much more quiet.) Also to stop the loophole the gov can even place heavy property tax, more GST on house purchase when you own more than one property. This will prevent someone who is not a citizen of Canada to get their relatives to purchase property for them.
If you haven't notice Vancouver is getting more and more crowded. Even our public school is getting full. I talk to a friend who works at a school recently they what she said was that for applicants who wants to apply to schools if you are renting, living in relatives house, or simply don't own the place you put on your application you get a different application. Those who live outside of the school network gets a different application form. What they are trying to do is give seats to those who actually own their property in that area first.