Homes should not be commodities. Homes are meant to be lived in, a place where families can lay down roots, create memories and build a life together. Through this legislation, we’re taking action to ensure that housing is owned by Canadians, for the benefit of everyone who lives in this country. We will continue to do whatever we can to ensure that all residents of this country have a home that is affordable and that meets their needs."
— The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion
The Act prohibits foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada. It establishes a $10,000 fine for non-Canadians who buy residential property in contravention of the prohibition
Is this a policy that should be pursued in the United States?
Should the idea be expanded to land purchases in general, including farmland?
Homes ARE commodities, whether anybody likes that fact or not. I personally have snapped up quite a bit of real estate in the local area for moneymaking endeavors.
That point aside.
Outright blanket bans is simply a step too far.
Points to a time in Florida and other States where “Chinamen” were forbidden from owning property.
I would restrict foreign ownership of farmland as a national security issue.
But outright blanket bans on real estate ownership by foreigners is going too far.
Hopefully the Conservatives will finally win a Canadian election and roll some of this stupidity back.
This is true. Othering foreigners like that is pretty ugly. They’re not even the real problem.
But I like this policy as an incremental step towards laws targeting the other pressures that drive up costs. Without foreigners to scapegoat, eyes will start looking inward at domestic causes.
Foreign individuals are fine. It’s foreign owned businesses that are an issue, driving up prices of homes and turning around and renting them back to people.
