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6. Foreign Buyer's Ban & Other Affordability Questions
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In this episode of the 'Keeping it Real' podcast, Jacquie McCarnan delves into the recent extension of the Foreign Buyers ban in Canada and its perceived impact on housing affordability. Despite the ban's intention to make properties more accessible for Canadians, Jacquie highlights the surprising statistic that only about 7% of BC homes are owned by non-resident investors.
Jacquie emphasizes the need for public input to identify viable solutions, questioning the potential unintended consequences, such as higher interest rates affecting lower-end market affordability. She also explores various government measures, including taxes and incentives for rental buildings, expressing concerns about their effectiveness in addressing affordability.
Alongside her expert analysis, Jacquie offers a local business recommendation and shares a book tip, "Hello Beautiful" by Anne Napolitano.
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What was covered:
(01:13) Extension of Foreign Buyers ban in Canada.
(03:32) Unintended consequences of the 2016 Foreign Buyers Tax.
(04:49) Introduction of the Foreign Buyers Ban in January 2023.
(09:23) Impact of rising interest rates on affordability.
(10:33) Illustration of the impact on first-time homebuyers Natasha and Sean.
(13:19) Mention of Singapore's model for foreign ownership rules.
(15:29) Call for real solutions and a committee to address affordability.
(16:13) Acknowledgment of potential backlash for a 60% spec tax.
(18:46) Book recommendation - "Hello, Beautiful" by Anne Napolitano.
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