Some WFH employees now live in another country

Re:Some WFH employees now live in another country by refurb on Thursday September 15, 2022 @11:09PM (#32861629)

It didn't lower housing prices because foreign buyers were single digit percentage of all transactions. Canadian real estate is mostly propped up by Canadian buyers buying multiple properties by leveraging existing equity.

It's not unusual for someone to use their HELOC to buy and 2nd or 3rd property and rent it out.

Of course with rising interest rates (and mostly variable mortgages) that's all coming home to roost now, al la USA in 2008.

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Re:Some WFH employees now live in another country by Tiktaalik on Friday September 16, 2022 @10:20PM (#32874209)

If you spread the area widely enough (ie. entirely of Metro Van) yea it was single digits, but if you looked at a narrower amount of municipalities and neighbourhoods (ie. where there were new builds, burnaby and richmond) there were places where it was high teens closer to 20% than 10%. This is why the government ended up acting.

The fact that there was significant amounts of foreign buying is not in contention. You can google Globe and Mail articles from ~2016 that cite these figures.

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