Originally Posted by Boris2k7
At its root, this debate comes from deep-seated xenophobia.
The problem is that foreigners ARE buying up houses , not living in them , and causing prices to rise to a level that can't be afforded by the majority of people seeking a home . Could it be that maybe , just maybe , the reason people are frustrated by this is because they're reaching a point where owning a home , any home , has become an unattainable dream ?
I also happen to live in China where a lot of Canada's foreign property investors originate . I think perhaps that it is you who doesn't understand the culture you're dealing with . China had to put a stop to its own people flipping properties and driving affordability out of reach for even the middle class . About a year ago , Beijing introduced rules that specifically stated a housing unit had to be occupied for a specific period of time before it could be resold . Those investors needed somewhere new to put their money and while Vancouver and Toronto are hardly untapped markets for Chinese investors , Beijing simply shifted the problem onto countries like Canada .
I realize that you had this message of racism and sexism hiding behind every tree drilled into you through years of public education but you don't need to look past the forest to see the trees . Homes are too expensive and a lot of the reason in certain markets is because foreign investors are flipping properties . It wouldn't matter who was flipping these properties , it's the fact that it's happening at all that's pi$$ing people off .
More on topic , however : Overheated markets are not beyond the bounds of federal regulation amendments . While we may insist that the market should be allowed to correct itself , a lot of damage could be done while we wait for just such a correction . Exactly what can or should be done would be best served by local administrators rather than federal regulators dealing with the problem . While we don't want to curtail investment , if the investment is actually harming the local economy by driving workers away , I think a case can be made for some level of government interference .