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Liberals veto their own promised ban on foreign-owned real estate

Trudeau's Liberals are no strangers to backpedaling on campaign promises.

Liberals veto their own promised ban on foreign-owned real estate
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Justin Trudeau's Liberal Party is vetoing one of their own promises, a ban on foreign-owned real estate in Canada. Trudeau called foreign purchases of Canadian homes “predatory” and promised to put in place a moratorium on the practice last summer.

As reported in Blacklock's Reporter Tuesday morning:

Liberal MPs on the Commons finance committee yesterday rejected a two-year ban on the sale of Canadian residential real estate to foreigners abroad. The Liberal Party promised a ban in the September 20 election campaign.

...

The finance committee by a 6 to 5 vote rejected a Conservative motion to amend Bill C-8 the Underused Housing Tax Act to prohibit the purchase of residential property by non-resident foreigners for two years. Conservative and New Democrat MPs supported the temporary ban; Liberal and Bloc Québécois MPs opposed it.

Taleeb Noormohamed, the Liberal MP for Vancouver Granville,  must have breathed a sigh of relief.

Noormohamed has sold at least 42 properties within Metro Vancouver within the last 17 years, documents obtained by Citytv Vancouver during last summer's election campaign have shown.

This put Noormohamed at odds with his leader's campaign promises.

“You shouldn’t lose a bidding war on your home to speculators. It’s time for things to change,” Trudeau said at a campaign event in Hamilton, Ontario in August. “No more foreign wealth being parked in homes that people should be living in.”

According to Bloomberg:

While the number of houses changing hands has declined in recent months after a pandemic-driven boom in activity, prices remain near record levels. The average cost of a home was C$669,200 ($529,840) in July, according to the Canadian Real Estate Association — up 16% from a year ago.

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