There is a problem with affordable housing around Canada today and the cost of living is one of the top concerns for Canadians heading to this Sept election. They want to know what one party or another is going to do about it.
Justin Trudeau and the Liberals just recently announced their plans for a temporary ban on foreign home buying in Canada. But is this enough to help the situation? That isn’t the only solution that has been proposed.
Aside from the home buying ban in Canada there are other ideas that have been proposed like building hundreds of thousands of new affordable homes and other potential measures. Right now the plan to ban foreign home buying is one of the most shocking that has been announced as a solution to try and address affordability of homes in Canada.
Sept 20 2021 Canada Election
The election is coming up soon for Canadians and that means that Liberals, Conservatives, and others, need to make their positions clear on how they’re going to make things better for average Canadians.
Millions of Canadians are giving up the dream of home ownership, how are political representatives going to change that? Will a temporary ban on home buying in Canada really do much good in the long run? What about addressing the problems that created this housing bubble in the first place?
Cost of living is a top concern for Canadians today, especially for those who are paying over 50% of their income on housing costs. We can expect to hear a lot more about this in the coming weeks leading up to the Canadian 2021 election.
A Plan to Ban Foreign Home Buying in Canada
Not only have the Liberals suggested banning home buying in Canada temporarily but they’ve also announced plans to build plenty of homes around the country as well. It isn’t certain that once those homes are built though whether or not they will go to end users who need them the most, and won’t just be flipped repeatedly in the bidding war housing bubble we see in numerous places today.
Conservatives also have a similar plan as well for a ban on foreign home buying for those who don’t live in Canada, but it isn’t clear how that’s going to stop the problem or have any impact. With both Liberals and Conservatives proposing to ban foreign home buying at least temporarily in Canada then we could see this policy change come about in the near future.