- cross-posted to:
- drs_your_gme@lemmy.whynotdrs.org
- cross-posted to:
- drs_your_gme@lemmy.whynotdrs.org
(Credit to rexxit user u/JackTheTranscoder)
Could this be the start of a big foreign ownership dump?
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Wild idea but, maybe we should only allow people who live here to buy here.
Or maybe we could follow smarter countries who already solved this problem, like Finland, who charge much higher mortgage rates for those without citizenship.
I would also add that there needs to be proof of source of income for the purchase and/or mortage payments, with full employment background checks.
I have heard stories of houses purchased by a single person claiming “housekeeper” or “artist” as their income, mysteriously able to make huge mortgage payments or purchasing mansions outright. Turns out they were, of course, getting off-shore funds from a spouse or relative, and the job they claimed was just a sham.
If the housing market in China were to crash, surely the demand in Canada would increase, as it would be a more stable market. Perhaps I’m missing something here?
Most of the people trying to find a home in canada arent also in the market for a home in china and vice versa.
This reads more like they expect to be forced to sell by legislation or other outside circumstances soon and want to try making more money before people lnow they have to exit soon.
There’s a simpler explanation: demand has been very low due to rising interest rates, and supply is catching up the tiniest bit.
Then again, I’m not sure what the baseline for the number of luxury homes in the GTA should be. Is this more than average? By how much?
I’m not ruling out this unnamed source. Maybe the rumour is true. But I’ve also seen a lot of bad information spread online with too few people asking questions.
Foreign investment into luxury homes is such a pest in the market anyway
Agreed. Some speculation online that China could be cracking down on rich citizens’ foreign investments via Canadian + other nations housing, since that money could be lost if sanctions were ever imposed due to, for instance… invading Taiwan. Let’s hope that isn’t the reason…
I’d love for housing prices to go down for younger people to be able to afford something, but if it all crashes too quickly, it’ll be really painful for everyone.
Ironically the reason they were investing overseas in the first place was because of the risk of losing the money in China.
