Restrict Foreign Investment In Greater Toronto Area's Residential Real Estate Market
This petition had 12,475 supporters
This petition is meant to protect current Canadian citizens, including recent immigrants, from the overwhelming amount of foreign investment taking over the GTA's residential real estate market. This wealthy foreign investment strategy is driving up prices, and lowering our standard of living as a result, as it is making it impossible for Canadians to buy homes in their own country.
In a recent study by the Foreign Investment Review Board Annual Report, Canada is ranked third in most attractive markets for Chinese to invest in real estate. Housing prices in Canada also rank second most expensive in the world compared to household incomes, as prices become far too steep for Canadians to buy. "It is estimated that up to 50% of condominium real estate in Vancouver and Toronto is foreign owned , and in Toronto 15% of condos are empty, meaning they are solely for investing"- (Toronto Star).
The authors of this petition would like to emphasize that our concern is not at all related to the race or national origin of foreign real estate investors. Moreover, we want to highlight that these investors have done nothing wrong: they are simply doing what is in their best interest, and they are doing so within the rules that our government has established.
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