Quote:
Originally Posted by retro_orange
Oh I am. I just don't know what to say anymore.
I say ban foreign ownership for 5 years as a test period. If it is not foreign investment like developers want you to believe then there should be no effect to their business. If it does and causes a crash then we will know who to blame and we must hold them accountable.
I say that there should be a clause in all mortgages that states if it has been found the developer falsified the value of the suite then the remaining value of the mortgage should be paid by the developer if the value of the suite crashes within 10 years of purchase.
We are not talking about a car here.
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Foreign ownership? You're buying into false mainstream media narrative. No, it's always been permanent residents who use "foreign capital" to buy up real estate. This means that, for example, a Chinese student attending UBC (and featured on Global News), can buy a $20 million plus property near Jericho Beach with CIBC lending a 7 million mortgage to cover the shortfall. He is a permanent resident, but the money comes from his corporate executive parents in China. No, foreign ownership of the house is never registered, but in the name of, for example, Mr. Ling instead - 21 year old student of UCB wanting to become dentist. The money comes from overseas registered in the name of a Permanent resident in Canada. It protects the family wealth from Communist China authorities at the cost of affordability of Canadian residents, while saving on foreign buyers tax too. The condo and housing market of Vancouver can forever go up based on this reality. It has been since 1991. Get it?