Yesterday we posted about the record debt levels of Canadians – most of that growth happening in mortgage and line of credit debt.
Some people think low interest rates and CMHC backed mortgage debt is to blame for high house prices, while others blame foreign buyers in cities like Vancouver and Toronto.
Would you support restricting foreign ownership of property the same way they do in countries like Mexico, China and Australia?
Some people certainly would. This petition on change.org has grown by more than 10,000 signatures in the last few days and is currently at the top of todays active list on that site.
Here’s the link to the petition if you support this idea – how many signatures do you think it would take to get politicians to support limitations on foreign buyers and how would they convince home sellers that this is a good idea?