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?
It’s the end of another week and that means it’s time for the free-for-all, or regular end of the week news round-up and open topic discussion thread. Here are a few recent links to kick off the chat:
–Vancouver housing slows to crawl
–Telus Garden sold out?
–Maybe not so sold out.
–Inventory growth slows (chart)
–Metro van sees sharp sales drop
–REBGV Press Release (PDF)
–Agent grumpy about bubble talk
–Housing bubble sentiment chart
–1980’s all over again?
–Senators grumpy with Carney
–Housing market pumps GDP
–Australia down 10%
–China’s ‘epic’ property bubble
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!