Canada Needs A National Foreign Home Buyers’ Tax

As we have seen, Canada is increasingly a destination for foreign millionaires to buy up housing.

In some parts of the country – particularly British Columbia – the level of foreign purchases has crowded many Canadian citizens out of the housing market.

In response to this growing trend, both B.C. and Ontario have brought in foreign home-buyers taxes of 15%, though reports say that won’t be enough.

While that’s a good start, further action should be taken.

The government must ensure that Canadian citizens are prioritized when it comes to access to housing. We can’t let our country become the destination for foreign elites to buy up housing – which they often don’t even live in.

That’s why Canada should bring in a large foreign home-buyers tax throughout the country. Something in the range of 50% – 75% would send a clear message, and would generate substantial revenue from foreign buyers who made purchases.

All revenue from the tax should then be put directly towards tax cuts for working class and middle income Canadians. If foreign millionaires are going to buy up housing in our country, the least the government can do is make certain to extract a clear benefit to Canadian citizens.

For too long governments at all levels in Canada have acted as if they are under the influence of an inferiority-complex. They put the interests of other countries above the interests of our own. We need to remember that there is nothing wrong with putting the interests of Canadian citizens first. In fact, that’s the job of the government.

Canadian citizens should be prioritized for housing within Canada. A national foreign home-buyers tax would help achieve that, and it’s essential that the government move in that direction.

Spencer Fernando

***

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I believe Australia restricts foreign home buyers to new construction only.