Re:Canada to ban foreigners from buying homes
by refurb on Friday April 08, 2022 @01:37AM
(#30953655)
I mean it's a few percent in some cities. Is it a factor? Sure. Is the fact that housing debt is higher than it's ever been for Canadians themselves more important? Yes.
I hear about people pulling out equity in the form of HELOC's to put a downpayment on another home. That's a pretty big chunk of Canadian "investors". And that should scare the shit out of anyone considering that was a major problem in 2008 in the US. People vastly over-leveraging themselves under the assumption that housing only goes up.
I hear about people pulling out equity in the form of HELOC's to put a downpayment on another home. That's a pretty big chunk of Canadian "investors". And that should scare the shit out of anyone considering that was a major problem in 2008 in the US. People vastly over-leveraging themselves under the assumption that housing only goes up.