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 federal government has promised to spend CAD$1-billion over five years on measures aimed at curbing speculation and boosting home ownership rates, including tax breaks for first-time homebuyers.
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.