• ImplyingImplications@lemmy.ca
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    1 year ago

    It’s just money in general. Not every province tracks foreign ownership of residential housing, but those that do show only about 5% of houses are owned by foreigners. It’s mostly rich Canadians and Canadian businesses that have purchased a huge amount of housing as a form of market speculation.

    However, houses being worth a small fortune is good for anyone who already owns a house, which is most Canadians. The issue is that not everyone wants house prices to drop.

    • Alto@kbin.social
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      1 year ago

      Does that include businesses that are registered in Canada but primarily held by foreigners?

    • BedSharkPal@lemmy.ca
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      1 year ago

      I’ll never understand why people think “only” 6.2% of a consumer base can’t heavily distort a market based on benchmarks.

      We all forgetting about NFTs and Crypto?