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Tyee Poll: Should There Be More Restrictions on Foreign Ownership of Canadian Real Estate?

Last week Thomas Rohner reported in The Tyee that billionaire owners of the Los Angeles Dodgers were speculating on land in B.C.'s Robson Valley.

In March, according to the CBC, some Torontonians lost their cool when a universtiy student from China bought a small $1 million bungalow in the northern part of the city.

As the CBC story said, "Stories of wealthy foreigners snapping up properties and pricing Canadians out of their local real estate markets abound. Whether it be vacationing Britons buying quaint cottages on the coast of Newfoundland or Hong Kong tycoons cornering the condominium market in downtown Vancouver, foreign real estate investors seem to be the new bogeyman of homebuyers across the country."

While little data exists to backup these assertions, some Canadians are starting to argue for policies that limit foreign ownership or speculation on local real estate in order to keep prices affordable for residents. Canada would be following the likes of Australia, Switzerland, Thailand, China and others in doing so. Even some Canadian provinces, like Alberta, Saskatchewan and PEI, have introduced restrictions.

What do you think?