The number of foreign homebuyers is increasing again in Vancouver after a decline caused by the foreign buyers tax, meaning tougher measures are needed to stop foreign speculators in the market.
According to Reuters,“Foreign nationals were behind 5 per cent of home purchases in Metro Vancouver in September, up from about 0.9 per cent in August 2016, the month the 15 per cent levy was enacted in response to offshore money flowing into the west coast city’s overheated housing market.”
The numbers were even higher in specific areas, with 10.8% of Richmond home purchases and 9.6% of Burnaby home purchases being due to foreign buyers.
Tougher measures needed
Clearly, the foreign homebuyers tax isn’t enough to fully stem the tide of foreign nationals buying up property in Canada.
More and more people are realizing that it’s totally unacceptable that foreign millionaires and billionaires are able to speculate and buy up tons of housing in Canadian cities. That’s why we should look at what New Zealand is doing – a full ban on foreign homebuyers.
Unfortunately, our globalist leaders are selling Canada out to foreign nations in every way possible, and they seem to have no interest in prioritizing Canadian citizens.
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