Quote:
Originally Posted by squiggs96
On that note, do you think a Canadian should be allowed to buy a property in another province and/or country? I don't have any foreign property right now, but one day I'm hoping to buy a vacation property somewhere in the States. I'd be pretty sad if I wasn't allowed to. I'd also be pretty choked if I bought somewhere in Hawaii, and two weeks before closing was told I'd have to pay 15% more, because of a newly legislated tax that I won't be able to recuperate when I sell the property.
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It's interesting that you'd use Hawaii as an example, as they have by far the most protectionist property laws in North America. Much of the land is reserved for Hawaiians and much of the land can only be leased, and not bought.
Basically, Hawaii has property laws that work in the best interest of the people that reside there.
As for the Vancouver example, the issue is that too many of the homes are just straight up investments. Many sit empty, while the government has to pay for the infrastructure to support them - roads, power lines, sewage - etc... Also, basic research on the area, would tell you that investing in property in Vancouver is doing so at the expense of the people who reside there. If that isn't a consideration for you prior to investment, I'd have little sympathy for how "choked" you'd be when you weren't immediately able to recuperate your investment.
Once again, I don't see why foreigners should have property rights in any jurisdiction.