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Originally Posted by whatnext
Then it is time to restrict sales to Canadian citizens only. Like Trudeau's laughable exemption of the Foreign Buyers Ban for international students. Why the hell does a student need to own property to go to school here? If renting is good enough for Canadians, it is good enough for them.
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I use to live in Saskatoon. In that city it was quite common for kids from farm families to have the parents buy a low cost condo for their kids for the 4 years they were going to university. In some cases it was more like 8 years if they had two kids a few years apart. I was surprised at how common this was. In this example the kids and parents are Canadian.
I have a friend in Toronto that did the same thing when their kid went to Brock university. They purchased a low end condo in St Catharines. When their kids were done going to school they retired, sold their house and moved into the condo. Not certain how common that is in Toronto. Again in this case we are talking about Canadians.
Yes, a student needs to live somewhere. If a family can spring for the down payment, buying and paying the mortgage may well be the answer.
Quote:
Originally Posted by ssiguy
Students buying housing is just a back door to foreign investors, money launderers, and citizenship buyers. All they have to do is register their kids in a school and the kids not even bother going {as 20% don't} yet they can then buy as many homes as they like. In true Canada fashion, if the students want to stay then they can and get citizenship to bring in their entire extended family.
The problem is that Canada as a whole has now adopted BC's false economy.........just build houses and allow anyone to buy them regardless of where the money came from. Ponzi Scheme 101.
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We are talking about two different things. A parent buying a home for their kid to live in while going to school in a different city should fine. I wish my parents had the means to do that, but like most middle class families they did not.
A student (with help from their parents) owning more than one home is a very different situation. At that point it is not housing but a business.