Quote:
Originally Posted by whatnext
That's rubbish on may levels.
First many units are left vacant, or lived in part time when mommy comes to visit the kids she dumped in a Canadian school.
The capital would be far better directed at purpose built rentals. There's absolutely nothing stopping offshore investors from buying Canadian REITs.
At current price points everything built in the CoV (which contains 3 of our biggest employment hubs) would be considered "luxury". Offshore money bidding up land prices has ensured that. I believe those Belpark units start at @ $1.5 million.
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We have a foreign buyer tax and an empty home tax so isn’t most of what the last two messages mention old news? Let’s talk about the current market lol. Foreign buyers are less than 1% now and empty homes are around 3%. Likely 1-2% of that is people on vacation/travelling or empty due to estates/legal issues.
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