FEDERAL CANDIDATES PROPOSE HOUSING STRATEGIES – BUT ARE THEY EFFECTIVE?
Canadian news is full of reports regarding the candidates for Prime Minister and their political platforms. Both the Liberal and Progressive Conservative plans include housing strategies that ban non-resident foreigners from buying homes and condos here in Canada for a limited time. How effective is this promise?
Less than 5 per cent of the buyers Baker Real Estate Incorporated handles are foreign. In Toronto, 3.4 per cent of residential properties are foreign owned, and Bloomberg validates that the number is below 5 per cent for Toronto. In other words, how much can a ban on foreign buyers really help?