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You don't get it. In Canada the wealthy from China buy these places, usually multi-million-dollar houses freshly built and don't move into them. Instead they are kept for a gtfo of china situation. It's driving the prices through the roof. When a house goes on the market they will usually get 3+ bids ABOVE asking. There are entire subdivisions that are almost completely empty houses.
Funnily enough when Canada put the 15% tax on this it literally stopped nothing, they just paid it. However the government got more gibs so it was happy and to hell with everyone else.
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[–] dummythicc 0 points 1 point 1 point (+1|-0) ago
You don't get it. In Canada the wealthy from China buy these places, usually multi-million-dollar houses freshly built and don't move into them. Instead they are kept for a gtfo of china situation. It's driving the prices through the roof. When a house goes on the market they will usually get 3+ bids ABOVE asking. There are entire subdivisions that are almost completely empty houses.
Funnily enough when Canada put the 15% tax on this it literally stopped nothing, they just paid it. However the government got more gibs so it was happy and to hell with everyone else.