I can’t say I don’t agree or at least appreciate the fact that the federal government is doing everything they can to cool off the market in Canada, It is a show of concern and understanding that they are acting on the request of so many young buyers who are facing a harsh reality that buying their first property seems more and more like a distant idea.
On the other hand I am wondering, what if the combination of a ban on foreign buyers, spiking interest rates ends up being accompanied by a rise in inventory, then would we have acted too much too soon? Is the government involving themselves too much in the current market?
It is currently very hard to tell what the right decision would be, but I am hoping that the federal government understands that long term, too much involvement is no good, and short term too much involvement is no good. I feel as though, as a member of the community that is deeply involved in real estate every day, the government could have implemented many other strategies to cool off the market long term such as giving access to creating new housing zones such as. in Laval and the north shore which are spewing agricultural land that can be zoned residential. I also hope our government realizes that this slow down they are expecting to cause by halting foreign buyers is really only going to slow down the core of the major cities (Downtown areas), as we do not see investors from abroad buying small properties in the suburban areas.
What is your take on the government’s involvement in our real estate market and do you think it is a healthy choice to allow them to decide who buys and who does not?
Let us know!
