Canada’s foreign home-buying ban sparks Aussie interest, but can it fix our housing affordability? PRD Real Estate chief economist Dr Diaswati Mardiasmo said a ban for foreign buyers can potentially increase the supply of residential property.
There are already heavy regulations on foreign buyers. The problem they want to distract you from is corporate ownership. Really what we need are regulations that impact all residential investors. Things like a vacancy tax, increasing taxes beyond the first property, short stay taxes, etc.
Yes. Less demand would help affordability
No, I don’t think such a step is needed, nor do I think it will have the desired result.
Short of a cap on the number of properties a person/entity can own, I think a reduction/removal of incentives for owning investment properties will go a lot further to helping lower property prices than just going after the low hanging fruit of “it’s the foreigner’s fault”.
Por que no los dos?
Qft
Property investment is the pre-eminent wealth engine amongst existing residents and citizens in this country.
Occupancy tax instead?
Why not stop ownership by companies. Let them build housing and rent or sell it but not purchase housing. That’s for people.
There is no economic advantage to companies buying property. Only producing it.
For people we can tax any property number above a certain value amount or certain amount of properties. We want to incentivise building but not incentivise hoarding or renting.
