Pop the Housing Bubble
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Toronto is in a housing bubble and it is making homes less affordable. With Toronto becoming such a big city that attracts many different people from around the globe, the demand for houses and condos are rapidly increasing. Foreigners and Canadians are taking advantage of this bubble. They are purchasing up homes to invest because they believe that the price of homes will increase indefinitely. This bubble needs to pop, prices are increasing to the point where one home could be worth two homes elsewhere. With this issue, many people who work or go to school in Toronto are unable to find affordable homes that suit their preferences.
By signing a petition, you are agreeing with our suggestions for the Canadian government. Our suggestions are as follows:
- Create a country wide foreign tax: More foreigners are purchasing up homes for investment, these homes are used as rent or sold for later use. This comes into conflict with domesticated buyers as many of them want to purchase a home for convenience and accessibility of services within Toronto. When foreigners bought up homes in Vancouver, a housing bubble became apparent in the province. The province had placed a foreign buyers tax. However, this drove foreigners to Toronto which created another housing bubble. By slightly taxing foreigners in every province, there will be a decrease in foreign investors and will open up more opportunities for citizens within Ontario.
- Create a maximum price a home can increase before it stops: We want to make homes affordable and worth their quality. Many homes could range in the millions while they may not seem like it. Furthermore, home-owners who are looking to sell their homes are becoming hesitant due to the belief that their homes will continue to increase in price. By creating a limit for the price of certain homes, many would be less hesitant to sell their homes.
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