In China’s big cities Beijing, Shanghai etc., only city locals can own maximum two properties per household, and for foreiners or non local-resident other Chinese citizens, only one property allowed to buy and you must work and pay local taxes for more than 5 years! plus renting out is PROHIBITED!

https://ift.tt/3BLLKRU applies to non local residents. For apple to apple, It is like you live in Toronto and you cannot buy any property in Halifax unless you physically work in Halifax and pay local taxes in Halifax for more than 5 years, but after 5 years still only one Halifax property allowed to buy and no chance to be a rental landlord in Halifax lifetime if you are migrant to Halifax such as Toronto’s boomer retiring in Halifax because you basically already allowed to have two properties in T.O. your hometown so you come to Halifax you only can rent no buying unless you are rehired in Halifax and continue to work for another 5 years to become eligible to buy locally in Halifax and for live in only, no renting out allowed. This way allows young local Halifax worker also first-time buyers to avoid the disvantagous competition from T.O.’s retired boomer buyers who migrate to Halifax and never lived/worked in there before but with million dollar cash after sold his/her hometown’s property.I mean in China the law (new game rules) really give local taxpayers a better and fairer treatment in terms of local residential property buying or renting out as local landlords. Because locals have worked for years and/or for generations and contributed to tax bases for building all local Infrastructures/public services such as Hospitals, roads, transits, schools, libraries, policing, firefighting, water/waste treatments, seniors caretakings, etc. This sounds very logical and reasonable.They only take minimum 5 years of local work and income tax paying as local residential property entering criteria no matter you are foreigner, P.R. or Chinese citizens who live in other regions, no nationality/racial discrimination at all. Simple like that. Work 5 Years – Pay Income Taxes – Own RE – Maximum Two. No fuking around game playing the system.If you think about the rationale behind China’s big cities this new game rule change in RE, from policy point of view, they really want local city’s young working class people, who are priced out but already started career more than 5 years and earn good staple incomes, being able to own property for them to live-in having family and contribute taxes because they are the real backbones for the local economy not only for now but also for the future. Same as Canada, China’s population are aging fast and birth rate is low now. They have to keep the young skilled workers/professinals stay, have children (increase birth rate) and not run away, seriously. Good forward Policy thinking. You lose the young you lose the future.And in Canada we try to solve the low birth rate aging population issues by increasing immigrant volumes, however at this level of housing affordablilty, tight supplies, high cost of livings and less good paid job opportunity, the best bet is you most likely get people who are already wealthy back home and not quite young but only willing to come here because they can harbor wealth, enjoy free healthcare system and get best investment returns for their own money (legal or illegal) in RE and the gains are tax free or just become landlords/AirBnB owners to rent out collecting passive incomes. They are already somehow rich/established and can afford to buy RE but not going to work any real jobs to pay T4 taxes as such some rich immigrants end up having satellite family/houses here but being classified as low income people here in Canada under CRA’s criteria, this fault T4 based criteria result wrong income data collected and thus wrong fiscal Policy decisions are made. When looking back this only leads to the tax bases shrinking, deficits skyrocketing, housing prices soaring and young skilled workers/professionals leaving like we have already experienced in the last couple years. The policy did fail as matter of fact and the whole young generation are entirely priced out. What you really need to do at Policy Level is you must make housing affordable for the young working people at any cost to retain them because they are the backbone and future of the country and only they can give birth to our children (increase birth rate) and bring new ideas/knowledge, new innovations and productivity (increase tax revenues) through hard work to the ever aging and tax consuming populations.On the other hand, if you dare to game the system in China like the Liberal MP did in B.C. flipping so many properties and profited in millions in just several years, once get caught in there you done and are facing serious criminal charges based on the amount of illegal gains you make and that guy may easily end up with more than 25 years in jail time and lost all his properties, no joke. And that is why loose laws always attract and reward bold criminals who take chance both internationally and domestically. via /r/canadahousing https://ift.tt/3BJimvu