The interesting question is are we going to see those purchases bleed over into other types of purchases? Are people going to find local, permanent residents or local corporations to buy on their behalf?
Yes. Yes they are.
The man who said that also says that a wisely worded vacancy tax will also help. I agree. They can still invest, but they'll also have to find a local property management firm deal with tenants to keep it occupied. That's more effort for them at the outset.
The question is how much will these foreign investors put up with before they make the effort to look into other locations?
Victoria B.C. will probably be next. Hopefully they'll learn from Vancouver and fix things faster.
[–] TFP191 0 points 1 point 1 point (+1|-0) ago
This needs to happen in Toronto, badly.