Some say the true numbers are even higher than reported.
The Canada Mortgage and Housing Corporation (CMHC) and Statistics Canada have released a report into foreign home buyers.
The effort to find these numbers began in 2014 under the Harper government.
The report shows 3.4% of housing in Toronto is owned by people who don’t reside in Canada.
In Vancouver, the number is 4.3%.
In many other cities, the number was reported as below 1%.
3.4% and 4.3% are actually quite large numbers, when you consider how big an impact a small change in percentage can have when it comes to the pressure on housing prices.
Additionally, the government has an incentive to under-count the numbers, because of the growing backlash to foreign speculators in the Canadian housing market, so there is reason to be skeptical of how accurate the report is.
It’s a serious problem that we have neighbourhoods in Canadian cities where a large number of homes are owned by people who don’t even step foot in Canada, leaving those homes empty and driving up the cost of housing for everybody else.
This system is tailor-made for the globalist elites, but it hurts the majority of Canadians, many of whom are being priced out of parts of our own cities.
That’s why the government must ban foreign home-ownership (as New Zealand is doing), and make sure that housing in Canadian cities remain affordable and accessible for our citizens.