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Originally Posted by lmtada
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You make it sound like that isn't significant. Chinese foreign buyers do not need to be purchasing 51% of the real estate in Vancouver to being making a massive impact on housing prices.
This is concerning from that article:
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The figures also show that the average investment by a foreign national is $1.157 million, far more than the $735,000 spent on average by Canadian citizens or permanent residents.
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The real estate transaction may be majority Canadian speculators, but it's the foreign investors who are driving and creating the speculation.
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Originally Posted by lmtada
If you have two vehicles, one sits in your driveway (collector car, never depreciating). Should you pay a extra tax for the sitting unused vehicle? Many people need transportation, but cannot afford it.  |
That isn't really a fair comparison. Everyday people in Vancouver do not need a classic collector car to live and work. They do need housing to live and work. Include an exemption for vacation homes owned by Canadian citizens, and I see no problems.
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Originally Posted by lmtada
How about higher interest rates? 7-8%
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Not sure how well that would work if you mean applied to only foreign buyers. I would assume those paying $2m for a run down 900 sq ft. house in Vancouver do not need to borrow money to purchase. If applied to all buyers, it would entirely crash the market most likely, or at minimum price out Canadians.