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Tories look to borrow a page from Australian playbook

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Canadian Realestate Magazine | 15 Oct 2015, 03:28 PM Agree 0
Possible solution to foreign buyer problem not embraced by all though
  • Samir Sa'd | 16 Oct 2015, 09:41 PM Agree 0
    I have wrote before here about the foreign investment in real estate impact on the housing market in particular for Vancouver and Toronto markets.
    Here again let me make clear the Australian approach it might not work well here in Canada. And what Mr. Harper and the Conservatives propose is not very ideal.
    I am a small real estate investor. I should be happy for the prices go up, but I am not like that. I am not greedy and money is not everything. I am concerned about affordability for those young Canadian families trying to get into the market and have a roof over their head. Those young Canadian families are working so hard, raising families. Those young families are the backbone and the future of this nation. The Government has an obligation to help provide affordable housing, otherwise they become a burden on the society.
    I do encourage foreign investment in this country if that investment generate a sustainable jobs. but for those who come and put their money in Canada because it is a safe heaven for their money, all they are doing is raising the house prices to unaffordable level.
    My proposal is to put a levy or tax of 5% on any foreign investor who purchase a residential property. This levy to be used only for infrastructure projects to create jobs and stimulate the economy and give first time home buyer a further land transfer tax break.

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