The province could pass a law that allowing them to seize the assets of a foreign owner who does not occupy or rent their residence. Have this law apply to companies that hold single-family residence as well.
If it passes legal muster, the threat of losing your property is probably enough to dissuade a lot of foreign investors.
It would harm a lot of people. But the problem they are trying to solve is foreign investment driving up property prices. The best way to attack his problem is to prevent or discourage foreign investors from buying residential homes.
The good thing is this kind of law can be adjudicated, unlike the tax. Because you can go before a judge/mediator and argue that you use the home as a residence.
The current tax scheme just hurts foreigners that live and work in Canada, not the people who buy up million dollar properties (which is exactly who the law intends to target).
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The province could pass a law that allowing them to seize the assets of a foreign owner who does not occupy or rent their residence. Have this law apply to companies that hold single-family residence as well.
If it passes legal muster, the threat of losing your property is probably enough to dissuade a lot of foreign investors.
Wouldn't that also harm anyone with a vacation property?
It would harm a lot of people. But the problem they are trying to solve is foreign investment driving up property prices. The best way to attack his problem is to prevent or discourage foreign investors from buying residential homes.
The good thing is this kind of law can be adjudicated, unlike the tax. Because you can go before a judge/mediator and argue that you use the home as a residence.
The current tax scheme just hurts foreigners that live and work in Canada, not the people who buy up million dollar properties (which is exactly who the law intends to target).