Quote:
Originally Posted by blankall
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.
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I fully agree that we need to do a much better job of regulating the housing market. Much better.
Toronto and Vancouver aren't on the level of New York and Paris but they're going through that transformation now. And even with all the controls you cited real estate in those cities is still ridiculous, at a certain point it becomes unaviodable