Law Trudeau says he will ban foreign home buyers for 2 years if he gets re-elected - B-based?

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Canada's Prime Minister Justin Trudeau pledged Tuesday to ban foreign home buyers for two years if re-elected, reported CBC.

Housing affordability has become a key part of Canada's upcoming national election on September 20, as the COVID-19 pandemic drove up property prices in the country.

Housing prices peaked in March this year, with an average home costing $716,000 Canadian ($568,000) - a 31.6% increase year over year, according to the Canadian Real Estate Association (CREA).

Prices have tapered since then, with the average house price coming in at CA$662,000 ($525,200) in July. But that is still 22% higher compared to last year, according to CREA.

"If you work hard, if you save, that dream of having your own place should be in reach. But for too many people, it just isn't - and that's not right," Trudeau said during a campaign stop in Hamilton, Ontario, CBC reported.

The Canadian prime minister added that there should be "no more foreign wealth being parked in homes that people should be living in," Bloomberg reported.

Foreign buyers have been snapping up properties in Canada in recent years. In 2015, the Financial Post reported that Chinese buyers made up one-third of residential sales in Vancouver and 14% in Toronto. The outlet cited data from the National Bank of Canada.

The federal government said it would roll out a 1% tax on vacant or underused foreign-owned houses in January next year to curb foreign demand on houses. Trudeau told the crowd in Hamilton that he'll expand the tax to vacant land in large urban areas, reported CBC.

Trudeau's opponents have also zeroed in on the housing crisis in Canada, with the New Democratic Party pledging to impose a 20% tax on foreign home buyers and the Conservatives also proposing a similar ban on foreign buyers, reported the Vancouver Sun.

The prime minister called for a snap election earlier this month - two years ahead of schedule - as polls indicated that his minority Liberal party would be able to form a majority, reported The Guardian.

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This is xenophobic! Will somebody PLEASE think of BlackRock's profits?

 

[neverendingmidi]

He must be polling badly if he’s promising this.

I mean anybody who trusts this is either delusional or a moron, but the fact that his handlers are making him mouth the words says he’s in trouble.

 

[Tom Myers]

About time this cuck did something for his country.

 

[JohnDoe]

He's lying to undermine support for a truly populist candidate. Same as Macron pretensing to be based. It's just a ploy to buy time, hoping that if they hold back the pendulum long enough they can fix it in place forever.

 

[Back me up!]

Lol how about you do that BEFORE the election you lying fuck and then we can talk.

 

[likeacrackado]

I'm sure he'd give the chinese a way around this. He's saying it just to undercut his main opponent.

 

[Badungus Kabungus]

So what's preventing someone from opening a company based in Canada that purchases houses on behalf of foreign buyers, for a nominal fee? Time to make some phone calls.

 

[Raisin Boy]

Famous liar who hasn't delivered on his promises from fucking years ago, Justin Trudeau. I'm just going to roll my magic bones here and look into the future: it's never going to happen. Even if it does, there will just be a new industry opened to circumvent it.

Try building more housing and banning foreign ownership of property entirely. Maybe the Chinese shouldn't own family-sized houses and entire apartment blocks in a country where they don't live. Maybe apply a vacancy tax of one and a half times the projected value of a unit. Maybe do something, instead of doing absolutely nothing, so people in their twenties and thirties don't need two roommates in Vancouver. Anyone who still simps for this man is embarrassing.

 

[Rebel Wilson]

More than likely this will be a ban on foreign homebuyers "who do not plan on occupying the property" so landlords and whatnot won't be affected by it. Same as the Tory plan.

So what's preventing someone from opening a company based in Canada that purchases houses on behalf of foreign buyers, for a nominal fee? Time to make some phone calls.

This would require a company be a CCPC which is a separate classification of incorporated entity. Canadian Controlled Private Corporation.

 

[Aqua Panda]

He must be polling terribly and desperate if he is promising this.

It's past due, regulations to prevent foreign ownership of residential property and hard limits/taxes to discourage multiple home ownership is something the Canadian market has needed for years. Just like the states, there has been a severe lack of new affordable housing built the last 10-15 years. Everything is considered "luxury" with prices to match.

It's going to be really hard for him to push this because of lobbying blocks. However, it is a massive red flag the housing market is overcharged and will either pop or have a massive correction.

My biggest worry is that this may cause the current insanity in the Canadian market to shift South and make the US housing market even worse.

 

[Coolio55]

He'll shuffle his feet for a while and then say "Well some new data has come in that says that I really love chinese money. NO REFUNDS".
I can guarantee it.

 

[Some JERK]

So what's preventing someone from opening a company based in Canada that purchases houses on behalf of foreign buyers, for a nominal fee? Time to make some phone calls.

Absolutely nothing. That's what they do here in the US. If you live in an apartment there's a very good chance that it's ultimately owned by someone in China. They've been buying up rental properties and having them managed by local property management companies for a while now.

 

[totallyrandomusername]

I can understand wanting to stop the chinks from buying up your country. I mean, who the hell wants to live next to those people?

 

[Pixy]

He's copying Jacinda Ardern, so does that cancel out him being 'based'?

 

[Absolutego]

Why try this stunt again after welshing on voting reform the last time around? Contrary to many politician's mindset, voters don't actually have the memory of goldfish.

 

[Jetpack Himmler]

He must be polling badly if he’s promising this.

He must be polling terribly and desperate if he is promising this.

He is. The LPC were polling 5-6 points ahead of Conservatives, but are now in a statistical dead heat with the Tories. Many Canadians are displeased with him calling an election when he still had the confidence of the house, which was a cynical and opportunistic move. Combine that with the fact he called it when the Taliban steamrolled over Afghanistan made him appear more concerned with winning a majority than evacuating our citizens and Afghan allies. Then there are the gaffes... oh lord. It hasn't been two weeks and he has given us some doozies.

- "Excuse if I'm not thinking about monetary policy." Excuse me? You're the Prime Minister, dipshit. It's your job to think about monetary policy because inflation is an issue that many Canadians are thinking about and one Tru-dolt has never had to mull over because I don't think he's ever looked at a bill.

-"She-cession/She-covery" Need I say more? This isn't 2015. These stupid games are no longer amusing.

-His failure to create wedge issues around mandatory vaccines for federal government employees an abortion. Erin O'Toole is many things, but a social conservative is not one of them. The man's platform on mandatory vaccines is not that dissimilar to the Grits' and has come out in support of abortion. That hasn't stopped Minister of Status of Women, Maryam Monsef from posting a deranged rant claiming that he's faking it.

-Most recently, Chrysta Freeland, his right-hand woman, posted a heavily-edited interview of O'Toole to make it sound like he was going to abolish our universal healthcare system. He said no such thing and it's obvious when you the cuts and how she spliced it together. Twitter flagged this as manipulated media and the Tories filed a complaint with the elections commissioner. However, both Trudeau and Freehand doubled down on this lie.

He's lying to undermine support for a truly populist candidate. Same as Macron pretensing to be based. It's just a ploy to buy time, hoping that if they hold back the pendulum long enough they can fix it in place forever.

I think he's trying to undermine Jagmeet Singh, who is campaigning for seats in downtown Toronto. Real estate prices and rent in the GTA are nuts and a few seats might flip orange. O'Toole has made similar promises has well. Trudeau is just proving that he had no plan when he called the election and believed that Canadians (or more accurately, the GTA, Quebec, Atlantic Canada, and some of B.C.) would hand him a majority.

 

[Badungus Kabungus]

Absolutely nothing. That's what they do here in the US. If you live in an apartment there's a very good chance that it's ultimately owned by someone in China. They've been buying up rental properties and having them managed by local property management companies for a while now.

Trudeau is just full of great ideas lately, almost as wise as the mighty Joe Biden. I can't wait until the conservative potato man to kick his ass out of office. Although if I could vote for anyone, it would be Mad Max. Damn if the man doesn't have style.

 

[whatever I feel like]

He's copying Jacinda Ardern, so does that cancel out him being 'based'?

Nobody ever thought this soyboy was based. This probably should have just happened at a provincial level in BC but I dunno if that was possible. And hey, this probably helps the national Liberals polling.

 

[CringeStalin6263]

Politicians be they from Canada or the USA or where ever the fuck they are from can say whatever the fuck they want, until they put ink to paper signing it into law I will never believe a word they say. Trudeau is saying this just so he can be re-elected and continue to fuck over Canadians.

 

[byuu]

More taxes for landlords? What a commie.