4 ms·
Canada used to be a really good place for foreign investment buying and renting/flipping houses pre-2008. My dad had around 50 properties in the Nova Scotia reg
by exdsq 5y ago
Canada used to be a really good place for foreign investment buying and renting/flipping houses pre-2008. My dad had around 50 properties in the Nova Scotia region just before the crash and the income from that was barely taxable (as a UK citizen, although I don’t remember specifics of how that worked). I can totally see why countries want to avoid foreign investment like that inflating local prices for citizens. Tbf he was renting them specifically to those with criminal records because most landlords used to have background checks, so there was a bit of a market, and it’s probably a little better than the general flipping price inflation.
- jl2718 5y agoThis is called “Blockbusting”. Wonderful.
- exdsq 5y agoI think it was a little more altruistic than that - he just found people with criminal backgrounds were struggling to find places and on the whole were just as reliable to pay rent on time because they appreciated the opportunity
- jl2718 5y agoAltruism might be believable if: 1. He lived in the same neighborhood as his renters, and not 1000s of miles away in the UK 2. He didn’t kick them out after a few years by flipping it. 3. It was a slow, long-term acquisition of rentals for income rather than flipping profit. Sorry; the facts indicate a scheme. I don’t begrudge him personally; there is always some government program that makes this chicanery profitable at the expense of the working class, and somebody else would have done it.