Wednesday, March 30, 2016

Federal Government all set to spend $500000 to collect Data about Properties bought By Foreign Buyers

Federal Government all set to spend $500000 to collect Data about Properties bought By Foreign Buyers

Ottawa has decided on spending more than $500,000 for the purpose of deciphering the role of foreign home buyers in the housing market of the country. Spending's in the federal budget are going to Statistics Canada, for the purpose of helping develop methods for getting all the data on the home purchases by foreign buyers.

The government also said that a very comprehensive and reliable information for the total number of homes that were sold to the foreign buyers do not exist as of now. The sole plan involves collaborating with all the provinces which will include British Columbia that recently announced all home buyers disclose if they are permanent resident or citizen of Canada or are from any other country.

Most of the experts believe that Vancouver housing market has seen a lot of change in recent times because it’s been on the radar of many wealthy foreign buyers. The kind of growth in the prices of houses has pushed the price of all the detached houses that are over $1 million in the city of Vancouver and has raised the question about sustainability and affordability of the market. 

This has been the first time in the history such a high funding has been provided just to collect all the data about the international investment in the Canadian Real Estate. Government has set all the rules clear as they are only looking for the data whose real estate amount is less than the down payment that we find on the average detached house in Vancouver. It is believed that in spite a very expensive housing market, steady investments are coming in from the foreign buyers.

Many experts believe that the funding which has been provided is a very welcome call as it would provide sufficient data for the economists to analyse the scenario.  Many are stating this as a welcome change to address the issue which has seen a lot of uproar in the country about having a coupled economy and immigration system. 


David Gharat (Dedication-Trust-Value)
Sales Representative
RE/MAX All-Stars Realty Inc. Brokerage
Most Productive Agents In Canada
Cell: 416-729-2333
off: 416-265-2000


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