New federal rules will make Canada’s housing supply crisis worse
federal Prohibition on the Purchase of Residential Property by Non-Canadians Act
Limiting the ability of non-Canadians to purchase a home from Canada’s tight supply probably sounded like a reasonable measure in the middle of last year, when many seemed to agree that the housing market needed cooling. It made for good political sound bites, despite the fact that most foreign owners of residential property in Canada offer it for rent, thereby adding to the housing stock available to Canadians.
The legislation fails to acknowledge that the development industry, like virtually every other Canadian industry, relies on extensive investment and capital, often from foreign sources, to build the housing supply it makes available to Canadians, and that vacant land zoned for residential and mixed use is where future housing is typically built.
Already dozens of projects and tens of thousands of planned units across the country, all of which would have helped expand Canada’s housing supply in the future, have been affected and/or cancelled.
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