CitizenVectron Posted April 6, 2022 Share Posted April 6, 2022 Federal budget to include ban on foreign home buyers, billions for housing WWW.CTVNEWS.CA Housing affordability is going to be a main feature of tomorrow's federal budget, CTV News has learned, including moving to make it illegal for foreigners to buy any residential properties in Canada for the next two years. $4 billion to help municipalities update their zoning and permit systems to allow for speedier construction of residential properties; $1 billion for the construction of affordable housing units; and $1.5 billion in loans and funding for co-op housing 2-year ban on foreign purchases of (or using foreign money to buy) Canadian residential units unless the person is moving here Tax-free savings funds (like Roth 401k / TFSA) specifically for home down-payments Expected $8 billion increase to military budget Budget comes out tomorrow, more details then. Quote Link to comment Share on other sites More sharing options...
Jason Posted April 6, 2022 Share Posted April 6, 2022 3 minutes ago, CitizenVectron said: 2-year ban on foreign purchases of (or using foreign money to buy) Canadian residential units unless the person is moving here New Zealand tried this and it did literally nothing. Quote Link to comment Share on other sites More sharing options...
Jason Posted April 6, 2022 Share Posted April 6, 2022 4 minutes ago, CitizenVectron said: $4 billion to help municipalities update their zoning and permit systems to allow for speedier construction of residential properties; If this is all carrot and no stick it also won't do anything. Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted April 6, 2022 Share Posted April 6, 2022 Just do a fucking land value tax 1 Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted April 6, 2022 Share Posted April 6, 2022 I don't think banning foreigners from buying is the most effective thing. They should be heavily taxed, though. With severe financial punishment for any sort of evasion. And the funds generated from tax/penalties should be earmarked for housing projects. Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted April 6, 2022 Share Posted April 6, 2022 1 minute ago, GeneticBlueprint said: I don't think banning foreigners from buying is the most effective thing. They should be heavily taxed, though. With severe financial punishment for any sort of evasion. And the funds generated from tax/penalties should be earmarked for housing projects. It’s all just completely missing the point Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted April 7, 2022 Share Posted April 7, 2022 Banning foreign buyers is political not economic despite claims to the contrary but also 3 hours ago, Uaarkson said: Just do a fucking land value tax Quote Link to comment Share on other sites More sharing options...
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