Politicians are damaging the housing market says Condo Bible author

Politicians are short-sighted in their actions (or often inactions) on the housing market.

That’s according to consumer advocate and author of The Condo Bible Dan S. Barnabic. Writing in the Huffington Post he highlights that B.C. Premier Christy Clark rejected calls in a 25,000-strong petition to raise taxes on foreign property investors. Clark said that such action could see property prices drop and wipe out existing homeowners’ equity.

Barnabic says that, although moving money from China to Canada is not illegal, Chinese law imposes a $50,000 limit on money being taken out of China and therefore the origins of some of the funds being used to buy Canadian property is “dubious.”

However, he says that politicians, including Clark, Prime Minster Stephen Harper and Finance Minister Joe Oliver, seem unconcerned about the origin of foreign investment.

Citing Australia’s restrictions on foreign investment in property and the strict penalties for breaching them, Barnabic is calling for our politicians to “design housing policies that would severely restrict or outright forbid the sale of residential homes to foreigners.” 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Investment Hot Spots:
Barwick, Saint-Paul-d'Abbotsford, Highlands East, Havilland, Springbrook

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address


Is a T.O foreign sales tax a good idea?