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Why Canada's ban on foreign buyers hasn't made homes more affordable (www.cbc.ca)

submitted 2 years ago by grte@lemmy.ca to c/canadapolitics@lemmy.ca

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[–] grte@lemmy.ca 31 points 2 years ago* (last edited 2 years ago) (12 children)

The reason why is because foreign home ownership has never been the core of the issue. This law was a distraction from the reality that Canadians are plenty willing, and more likely, to be the one exploiting you.

https://www150.statcan.gc.ca/n1/pub/46-28-0001/2023001/article/00001-eng.htm

In Nova Scotia, more than 1 in 20 houses is used as an investment by a person living outside the province or the country

[...]

In-province investors owned, as investment properties, between 8.7% of the houses in New Brunswick and 12.4% in Nova Scotia, and, as such, they owned more houses used as an investment than all the other types of investors combined.

Chart indicating home ownership by in or out of province resident

As always, the core of the issue is that home ownership is treated as a commodity. Sort of a fundamental reality of putting a thing into a competitive market is that you're going to have winners and losers. And losers in the housing market leads to, you know, homelessness among many other social ills.

[–] tleb@lemmy.ca 6 points 2 years ago

Residential property shouldn't be an investment, but we can make great strides if we ban corporate and foreign ownership (NO exceptions this time)

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