A 2012 CBC article titled “Offshore bids price Canadians out of housing market” – Did the CBC article clearly say Chinese foreigh buyer? Yes.

https://ift.tt/3iKHJGy the CBC article:”Located in Willowdale, where similar detached houses typically sell for just short of $900,000, the bungalow at 300 Dudley Ave. was listed at $759,000. The winning bid of $1,180,800 came from a university student whose parents live in China and own a business in San Francisco. There were four other bids of more than $1 million.”There’s a lot of anger among Canadians who earn money here that they’ve been priced out of the market. There is some degree of anxiety about how people are going to compete with these hyper-inflated prices.”Foreign students drive marketAs more people get exposure to Canada as an offshoot of globalization, the overseas investor market will rise, Hlinka said. As an instructor at George Brown College in Toronto, he has seen an explosion in the number of foreign students.”When their parents come to visit, they get an idea of what real estate costs here, and they can’t believe how cheap it is. They want to buy because they think it’s a bargain.”In addition to China, investors pouring money into real estate are flocking to Canada from the Middle East, Korea, Russia, India and the Philippines as well, said Tony Ma, who owns HomeLife Landmark Realty in Markham.Moreover, to control prices, the Chinese government allows each family there to bank finance only two properties — one to live in and one to invest in — and buyers must pay 100 per cent cash for anything above the two-property limit, Ma said.Not only are prices in Canada more affordable, homes and condos are a better value proposition, since they come ready to move into, unlike in China, where buyers get a concrete shell they have to pay to finish, he said.”Almost 10 years have past, have the government done something such as Foreign Buyer Ban? No but the liberal Government has promised that If re-elected and starting 2022 they gonna tax foreign buyer at 1%.I have heard from an Asian guy at work who said to me:” If you are too kind, generous and tolerating, you are actually very stupid and you nothing but a pure idiot.” I didn’t agree then but not now.Also feeling strange that there was no “racism” concern back then for CBC reported like that at such level of transparency? Why?And I believe the principal residence capital gains tax-free law applies to foreign buyers such as foreign students who may even stay here temporarily, if I am wrong pls correct me. via /r/canadahousing https://ift.tt/3xKc4Jx