Another huge decision on housing is looming for the government in January
With Toronto’s condo market still reeling from a years-long slowdown, Dominion Lending Centres Group (DLCG) chief economist Sherry Cooper also believes opening the door to US buyers would be the right move.
She told CMP in February of this year that she favours relaxing or removing the ban on non-resident foreign buyers.
“Look at the Americans that would be very interested in having a second property in Canada, particularly given how they feel about what’s going on in the US,” she said. “Why shouldn’t those people be able to buy a property in Toronto that’s been listed on the market for 18 months?
“It just makes no sense to prohibit that activity, especially now that we have a glut as opposed to a shortage.”
One factor could strongly influence the government in its approach to the issue: namely, the fact that a strong majority of Canadians still support the ban.
