Foreign ownership drives up home prices
The price of housing in Peterborough is deplorable, but its cause is not just a lack of development. Development has been held up in one case because someone was concerned about wetlands. Better to keep wetlands than to develop more land for housing.
If you owned a small house in Toronto you are now a millionaire. And, all puffed and newly rich you move to Peterborough and buy a much nicer house for half the price.
As long as governments think it is great to have questionable money buying everything in sight in Canada then nothing will happen except for the complete decimation of the middle class. We now have people that will never be able to buy (or even rent) a house. At one time this would have been unheard of in Canada. After all, we all know how large Canada is.
To now say that the average taxpayer should have to pay more taxes to make up for this debacle is ludicrous. The taxpayer isn’t at fault. Look to your politicians. Look to who is buying up Canada and wrecking it.
This is not just happening in the GTA. As an example, I was sitting in a veterinarian’s office and the man next to me said he was a farmer. He happened to mention that all the hilly farmland surrounding his farm was being bought up by Americans. He said they were buying it because of climate change.
As a second example, a friend rented a cottage this summer and the owner mentioned that the cottage across the way was bought by non-Canadians eight years ago but had not yet been used.
A final example, another friend who owns a cottage got a new neighbour from the U.S. who levelled the nice house next door and built a brand new huge one. They fly in from California every weekend.
Canada isn’t just open for business. It is being bought up. By allowing big money to buy up Canada we are severely changing this country. I don’t think most Canadians know what’s going on.
Patricia Reedyk, Parkhill Road West