Economists and realtors have criticized the federal government's hardline stance on foreign ownership of residential real estate.
Economists and realtors have criticized the government's hardline stance on foreign ownership of residential real estate . The federal government’s ban on foreign nationals and companies owning housing in Canada has not materially lowered prices or boosted the inventory of real estate on the market, says Royal LePage president and CEO Phil Soper, in a new report.
“Two years in, and the prohibition on foreign buyers has had virtually no impact on housing prices in Canada, as we expected. Prolonging the international buyer ban will not make housing more accessible to Canadians,” Soper stated in the report. “Upward pressure on prices will continue as long as supply fails to meet the demand for homes.
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