Canada has to implement foreign home buyer taxes, if the government is serious about putting Canadians first, because it is high time that the Prime Minister did something that is in the best interest of the Canadian people. The government tends to forget that it is the Canadian people that pay the taxes, which is why it should look to serve Canadians first.
No one likes paying taxes, but Canada is in serious need of foreign buyer taxes, which will make home ownership affordable and easier for Canadians. The housing market in Canada is expected an all time high, and middle-class Canadians don’t have the funds to purchase home with the astronomical price of real estate in Canada right now.
The reason of this price increase isn’t down to domestic demand, but it is actually a chain reaction in the industry caused by wealthy people purchasing properties in Canada at record speed. The Canadian market needs to remain open to individuals looking to purchase homes, but it still needs to implement a foreign buyer’s tax, which will ensure that Canadian citizens get every possible advantage. There are lots of foreign buyers, who are individuals but intend to settle in Canada, and become citizens, but if they keep on purchasing properties, it is only going to drive up the price of real estate.
A foreign home buyer tax will ensure that the Canadian real estate market stays stable even with an influx of investment in the market by foreigners. It will ensure that hardworking middle-class Canadians will still be able to afford housing in Canada irrespective of how many foreign investors purchase properties in Canada. This is all down to the government, and when it starts acting in the best in the interests of the Canadian people.
It should at least make housing, which is essential, affordable for all Canadian citizens, rather than pushing properties to foreign buyers.