Any first year university macro-economic course will teach that “protectionism” such as you suggest, winds up hurting more than its helps.
I trust that this extensive attached document will help you.
(The attached extensive document was of course the Conservative Party 2011 platform). That’s the one reply that Waiting in Burnaby received from the following email sent to all candidates:
Who I vote for will be based solely on this issue. If each vote matters, then I hope each of you will demonstrate your respect for that principle and cornerstone of democracy, and respond to the issue and concern I have laid out below. Each party claims to care about Canada, Canadians and the Canadian Family. I believe and feel passionately and strongly that the issue I detail below affects all three entities. Do you care that a family of four in Vancouver earning $50,000 per year can’t afford to live in this city? I heard on CKNW in Vancouver on Friday that it takes 9 average incomes to afford a home in Vancouver where the average price hovers above $1,000,000.
I have voted in every election (municipal, provincial and federal) since I was eligible to vote. This is the first time that I am seriously wondering which party will BEST take care of Canadian interests.
I am in my mid-40s and have lived in Burnaby most of my life. However, I am watching the community and neighbourhood where I grew up change significantly because of what the federal and provincial governments have failed to do to support Canadians when it comes to the possibility of purchasing a home in the Lower Mainland, or anywhere else they might want to reside in our magnificent country.
It is a known fact – researched, documented and reported – that three things have fueled the run on real estate prices over the past several years – low interest rates, changes to lending practices and an obscene influx of foreign money to purchase Canadian homes. The first two factors allegedly help Canadians to get into home ownership, which is fine until interest rates begin to rise. Those Canadians who leveraged themselves to the max to purchase a home because of the government’s monetary policies to keep interest rates artificially low and changes to lending practices, coupled with consumers’ fear that if they didn’t buy now, they would never be able to afford a home likely helped in their decision to purchase. This is a recipe for disaster.
The third factor that has fueled this abnormally high rise in housing prices has been the influx of foreign money to purchase residential real estate. Asian real estate agents are organizing bus tours aimed at foreign buyers. These bus tours travel through Lower Mainland neighbourhoods and it isn’t uncommon for several homes to be purchased by one person or family. Then the foreign buyer gets back on the plane and goes home. THIS IS RIDICULOUS. Canada has no regulations or restrictions concerning home ownership and residency requirements. You might want to take a look at the US where they do have laws regarding home ownership by non-residents.
As well, it is my understanding that Canadian immigration encourages investment in Canada and expedites the citizenship process for anyone who invests a minimum of $800,000 into Canada, this includes purchasing residential property. The only one who benefits from this type of investment is the home buyer from the appreciation of the value of the home. There is no benefit to the Canadian economy, Canadian society or the betterment of Canadian citizens who reside here and contribute through taxes, volunteerism, and other ways that Canadians’ support their communities.
A new factor that will continue to contribute to this madness is that the Chinese government, recognizing the speculation occurring in their residential real estate market, has imposed changes in their laws, which has had a marked effect on prices. The Chinese government has just given more Asian buyers reason to come to Canada to buy property here.
I heard a news report on Friday about the need for the government to impose restrictions on Netflix as they break into the Canadian market and take marketshare away from other movie providers in Canada. If the government sees fit to help Canadian businesses stem competition from this American-based, digital provider of movies, then why is it so hesitant to put laws into place which stem this obscene amount of influx and influence on the Canadian residential real estate market by foreign buyers. Why would the digital on-demand movie rental system require government regulations and restrictions to protect Canadian businesses but Canadian citizens aren’t protected from the unfair playing field in the residential real estate market?