Canadian pm promises to track foreign home ownership
Photo: Abdallahh
The Canadian Prime Minister has promised new measures to track foreign ownership of property, should he be re-elected.
Foreign home ownership has been major talking point in Canada, much like it has in Australia and New Zealand, with locals unable to afford homes due to rising prices and some blaming it on speculative investment from non-domestic buyers, which is using up the country's housing supply.
Now, incumbent Prime Minister Stephen Harper has pledged to take action on the matter ahead of October's general election.
Prime Minister Stephen Harper promised new measures to track foreign home ownership in Canada and even hinted at restrictions on buying, during a press conference in Canada’s most expensive housing market.
"There is [a] matter I hear a lot about, especially here in the Lower Mainland of British Columbia, that is Canadians struggling to afford a home," Harper told a press conference. "There are real concerns that foreign, non resident real estate speculation is the reason some Canadian families find house prices beyond their budgets."
He is quoted by the Financial Post as claiming that as much as 15 per cent of condos in Vancouver are sitting empty.
"No dreams are living there. If such foreign ownership non-resident buyers are artificially driving up the cost of real estate and Canadian families are shut out of the market, that is a matter we can and should do something about."
Harper said that his government would be committed to tracking ownership by foreigners, although he gave no information on how this would be carried out. His pledge follows restrictions introduced by Australia limit foreign investment. Will Canada ultimately follow suit? http://business.financialpost.com/personal-finance/mortgages-real-estate/stephen-harper-vows-to-track-foreign-property-ownership