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Hope the Canadian government learns from this. We desperately need it. (ya, I know I know there will be trickle down impact of so much foreign money pulling ou

Hope the Canadian government learns from this. We desperately need it. (ya, I know I know there will be trickle down impact of so much foreign money pulling out, but average home price of $1.36MM is unbelievable for the local salaries)

gaius 8y ago
Ditto the South East of England. London property is the new Swiss bank account for overseas oligarchs. Commercial property is fine for investment purposes but residential property should obviously be priority for, umm, actually resident people...
twothamendment 8y ago
If they do, maybe the USA will learn from Canada. In my area the Canadians are the ones buying stuff up. Other than property taxes, their contribution is to all show up on the same weekend and empty the grocery store shelves - and driving up prices.
- craftyguy 8y ago
  > maybe the USA will learn from Canada Has the US ever learned anything from Canada?
erentz 8y ago
Everyone is being too optimistic about this law in NZ. It’s too watered down. Note it only bans existing homes. Foreigners can still buy new homes. (Unless that was changed.) This may have some affect but new houses and existing houses are all in the same market. If foreign buyers all shift to buying in the new construction market they will drive up prices of new houses, force residents that might’ve been looking for a new house to buy an existing house, continuing to drive up prices of all houses. I think if we see house prices drop significantly in NZ it’ll be more to do with other economic changes than this rule. (Note: I am in favor of requiring buyers of all property to be residents of the country. I think this should be pretty standard in any country.)