Quote:
Originally Posted by DiracSpike
This is just my theory, but Vancouver and Toronto are undergoing a transformation to alpa+ world cities. Places that not just people in Western Canada, or Canada want to move to, but people from all over the world. Wealthy people. It's happened before with cities like London and Sydney, most normal people there move far afield to the surronding suburbs and the real estate in the city core becomes prohibitvely expensive.
The government should be doing a better job by enacting a foreign buyer tax but I honestly don't think it'll ever be in the reach of 90% of people to own property in the core of either Toronto or Vancouver, its just too far gone reaching critical mass as a world destination. Real estate in the next tier of cities, the Calgary's, Edmonton's, and Ottawa's of the world, is within reach for most.
|
No.
Canada is one of the few countries in the world that does not properly regulate foreign investment in real estate. There are extremely large and well organized investment groups based in China that essentially move from country to country looking for soft targets to invest in. Canada is a very soft target.
Canada has responded to this by decreasing interest rates, which allows Canadians to borrow, but at the cost of huge personal debt.
Toronto and Vancouver are not "world cities". Go to London, Paris, Tokyo, New York, etc...those are "world" cities, and Vancouver and Toronto are nothing like them. There is no world economy, world class attractions, world class theatre and culture, etc...There's just a real estate market that isn't properly regulated.