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