Opinion: The Liberal government\u0027s headline\u002Dgrabbing attempts to rein in rampant housing speculation are full of loopholes and distractions
The headlines made the federal Liberals look aggressive, and even a bit patriotic, in their apparent determination to combat offshore speculation in Canadian housing.
When it comes to the other side of the housing equation, reducing demand, there are so many holes in Liberal plans, especially the two-year ban on foreign buyers that skeptics have astutely suggested the bill is actually being designed to signal how to stick-handle around it.Article content They include the Statistics Canada release this week that more than one in six Canadian homes are owned by individual investors, people who own multiple dwellings. Corporations, which often hide the real names of owners, control another five to 10 per cent.. What’s worse is the richest 10 per cent of them hold around 25 per cent of the total housing wealth in New Brunswick, Nova Scotia, Ontario and B.C.
, who wants to protect “mom and pop investors,” is one of those bringing in extra income by renting out an apartment.
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