Following a pledge by Canadian Prime Minister Stephen Harper to invest CAD 500,000 in a scheme to track foreign property buyers should he win re-election, realtors have raised concerns of a potential excess of vacant high-end property. "We need the foreign buyers because they are buying all the high-end real estate," noted a Vancouver realtor. The Prime Minister’s comments may appeal to those who believe Canadian residents are being priced out of the housing market to due foreign buyers willing to spend a larger amount on property; currently, Montreal is the second most unaffordable property market in the world.
Following a pledge by Canadian Prime Minister Stephen Harper to invest CAD 500,000 in a scheme to track foreign property buyers should he win re-election, realtors have raised concerns of a potential excess of vacant high-end property. "We need the foreign buyers because they are buying all the high-end real estate," noted a Montreal realtor. The Prime Minister’s comments may appeal to those who believe Canadian residents are being priced out of the housing market to due foreign buyers willing to spend a larger amount on property; currently, Vancouver is the second most unaffordable property market in the world.