Foreign buyer ban will likely put further squeeze on rental market, experts say

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Federal rules aimed at making homes more affordable for Canadians may prevent temporary residents from buying residential property in urban areas

is likely to add demand to an already overheated rental market, some housing experts say.

Most temporary residents rent during their first few years settling in Canada, Mr. Tal said. But the rules will likely force some newcomers who would have otherwise bought a home to become renters, while others who already rent here may have to push back their homebuying plans, he added. “These are people who made a commitment to be in the work force, to live here,” he said. And some are highly paid professionals who’d normally sell their homes in their country of origin and buy a house in Canada in cash, he added.declining real estate pricesInternational students and recent graduates of Canadian postsecondary institutions who have work permits are also among those who may be forced to rent for longer than planned because of the ban, according to Mr. Rekai.

According to the latest available data from Statistics Canada, which predates the pandemic housing boom, properties with at least one non-resident owner accounted for 9 per cent of the residential housing stock in Vancouver and 5 per cent in Toronto. IRCC has been trying to reduce processing logjams caused by the pandemic and ramped-up immigration targets. The ministry said by e-mail that permanent residency applicants chosen through Express Entry, a federal program meant to prioritize desirable skilled immigrants, can expect processing time to be within the program’s six-months service standard.

 

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Underfunding, neoliberalal governments are the problem

Who are these loser experts? These experts have been wrong on everything…

Nah

Would these be the same 'experts' who have been saying for the last 15 years that astronomical house prices and sky high rent are actually, somehow, good?

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