They want the province to be less attractive for people to anonymously "hide wealth."
Foreign buyers aren't the major factor driving up house prices, Evan Siddall says.
Much like last year's Canada Mortgage and Housing Corp.'s condo survey, which showed that investment condos owned by locals in Toronto and Vancouver are a long-term commitment with the objective of generating rental income, this year condominium investors display stable characteristics over time.
The most commonly repeated explanation for the price surge last year and into 2016 is an increase in foreign buyers, especially Chinese buyers looking to launder their ill-gotten funds. Anecdotal evidence of this happening is at record high, but actual data to support it is severely lacking.
"Unfortunately, there are no precise data on the foreign-owned share of the oil and gas sector."
High price-to-rent and price-to-income ratios don't signal overvaluation, an overabundance of property speculation, or impending doom. Perhaps they actually signal the ascension of Toronto and Vancouver into the highest of global ranks.
Foreign investment has become a hot-button issue in Vancouver lately, with many residents blaming demand from offshore buyers who are looking for a safe place to stash their money for the city's soaring home prices.
Canada’s realtors “don’t have any method to capture foreign activity in the Canadian real estate markets with any kind of
Over the last year, we've seen the CRTC publish customer-friendly new rules for wireless, set up a special task force to investigate extortionate roaming fees, and start a conversation with Canadians about the Future of Television (and watching TV content online!) Things are starting to change.
Foreign investment is a win-win-win-win proposition for countries, consumers, the economy and shareholders. The only losers? Companies who dislike competition -- or people who think Warren Buffett poses an existential threat to Alberta.