{"id":7023,"date":"2021-08-30T11:35:43","date_gmt":"2021-08-30T18:35:43","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=7023"},"modified":"2021-09-20T09:50:30","modified_gmt":"2021-09-20T16:50:30","slug":"foreign-buyer-be-gone","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2021\/08\/news\/foreign-buyer-be-gone\/","title":{"rendered":"Foreign Buyer Be Gone"},"content":{"rendered":"<p>I don&#8217;t have any strong political views, I genuinely believe politicians are just pawns in a bigger system that is deeply entrenched in society today. In other words, full of promises but not a whole lot changes regardless of who gets in power. I do, however, have a few observations about these elections that i&#8217;d like to share.<\/p>\n<p>First of all, the election this September shouldn&#8217;t even be happening. The Trudeau government clearly misread the sentiment\u00a0emanating across society.\u00a0Inflation is at a 10 year high, housing affordability is at a 30 year low. We&#8217;re just pulling ourselves out of a recession with a million Canadians still out of a job. People are tired and frustrated from a pandemic with seemingly no end in sight. Drug and alcohol usage is through the roof. It&#8217;s quite likely that the mental health crisis that&#8217;s been created will be an even bigger problem than Covid. Suffice to say people are pissed off and looking for change of any sorts. It&#8217;s quite possible that not only will Trudeau fail to gain a majority, but he could lose to the Conservatives. At least that&#8217;s what the polls are saying. Again, don&#8217;t shoot the messenger.<\/p>\n<p>Anyways, this has prompted the Trudeau Government to pivot. In case you missed it they have now revamped their housing platform. The Liberals are willing to match the Conservatives with a 2 year ban on foreign purchasers. Ironically, Trudeau and the Liberals voted against a similar Conservative motion that was presented in the House of Commons back in June.<\/p>\n<p>In other words, in a fight for power, all three major political parties now have anti foreign buyer policies. I don&#8217;t care what you think about these policies I am merely making an observation here. Clearly these policies are politically popular across the left and the right. Remember just a few years ago these types of policies were considered racists and xenophobic. But, hey, there&#8217;s an election to win here.<\/p>\n<p>Housing is front and centre in these elections, as it should be. While Canada has a national home ownership rate of 69%, for the first time in recent history, young voters, who have largely been shutout of the property market, will outnumber boomers. Furthermore, In BC &amp; Ontario, the majority of voters in this election are in fact renters, not homeowners. In BC, an estimated 63% of eligible voters did not reside in owner-occupied housing according to data compiled by Stats Canada &amp; Better Dwelling.<\/p>\n<p>Homeowner or not, real estate makes up 13% of GDP and that doesn&#8217;t include all the spin-off activity such as furnishing a home or using new found equity to spur additional consumer spending. Regardless of your political views, a nation built on real estate means any housing policy changes will impact all of us. Enjoy the show.<\/p>\n<h3>Three Things I&#8217;m Watching:<\/h3>\n<p>1. Real Estate makes up just over 13% of GDP in Canada. (Source: Richard Dias)<br \/>\n<a href=\"https:\/\/vancitycondoguide.us10.list-manage.com\/track\/click?u=d9981481bb50009e124e90bda&amp;id=a92efc6d37&amp;e=73e15761d2\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/vancitycondoguide.us10.list-manage.com\/track\/click?u%3Dd9981481bb50009e124e90bda%26id%3Da92efc6d37%26e%3D73e15761d2&amp;source=gmail&amp;ust=1630433382684000&amp;usg=AFQjCNHkWK2uGWfvGrbWR5_qKgCxH4m1Kg\"><img fetchpriority=\"high\" alt='0cd17951-aa09-91a4-fd1a-4c873f88e95b-3575162' class=\"CToWUd\" src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2021\/08\/0cd17951-aa09-91a4-fd1a-4c873f88e95b-3575162.jpeg' width=\"550\" height=\"317\" \/><\/a><\/p>\n<p>2. An estimated 63% of eligible voters in BC did not reside in owner-occupied housing. (Source: Better Dwellign)<br \/>\n<a href=\"https:\/\/vancitycondoguide.us10.list-manage.com\/track\/click?u=d9981481bb50009e124e90bda&amp;id=1722f77792&amp;e=73e15761d2\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/vancitycondoguide.us10.list-manage.com\/track\/click?u%3Dd9981481bb50009e124e90bda%26id%3D1722f77792%26e%3D73e15761d2&amp;source=gmail&amp;ust=1630433382684000&amp;usg=AFQjCNFh9NOCgEBXdXzSXrS1WfBRJiRDuQ\"><img alt='5b8030cf-5a6f-5b29-2c59-655587ab0250-2387490' class=\"CToWUd\" src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2021\/08\/5b8030cf-5a6f-5b29-2c59-655587ab0250-2387490.png' width=\"550\" height=\"362\" \/><\/a><\/p>\n<p>3. Polls suggest liberal and conservatives are tied in election battle. (Source: Bloomberg)<br \/>\n<a href=\"https:\/\/vancitycondoguide.us10.list-manage.com\/track\/click?u=d9981481bb50009e124e90bda&amp;id=c543f73d50&amp;e=73e15761d2\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/vancitycondoguide.us10.list-manage.com\/track\/click?u%3Dd9981481bb50009e124e90bda%26id%3Dc543f73d50%26e%3D73e15761d2&amp;source=gmail&amp;ust=1630433382684000&amp;usg=AFQjCNEGcHNR_MOnmEt9gfl_drto4ms_iw\"><img alt='d90c169c-a52e-3f2e-ffdb-57de3693ee0b-3462797' class=\"CToWUd\" src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2021\/08\/d90c169c-a52e-3f2e-ffdb-57de3693ee0b-3462797.png' width=\"550\" height=\"297\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I don&#8217;t have any strong political views, I genuinely believe politicians are just pawns in a bigger system that is deeply entrenched in society today. In other words, full of promises but not a whole lot changes regardless of who gets in power. I do, however, have a few observations about these elections that i&#8217;d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7024,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15,70],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Foreign Buyer Be Gone - Steve Saretsky<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stevesaretsky.com\/2021\/08\/news\/foreign-buyer-be-gone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign Buyer Be Gone - Steve Saretsky\" \/>\n<meta property=\"og:description\" content=\"I don&#8217;t have any strong political views, I genuinely believe politicians are just pawns in a bigger system that is deeply entrenched in society today. 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