Dear Editor,
Re: “The big squeeze is on first-timers, not homeowners,” Letters, July 5.
Steve Mullin’s statement, “Foreign buyers haven’t hurt you. In fact, they have done you a huge favour and added hundreds of thousands to your net worth.”
Mr. Mullin, you may laugh till you drop your jaw, but I won’t. Foreign buyers who are buying up a high percentage of properties and hoarding them for profit is hurting our society.
This kind of speculation is a main factor in sending property prices skyrocketing in recent years. The deteriorated real estate market inflates the cost of living and the cost of running business. Everyone hurts, especially when a high percentage of owners are using opaque titles to hide their real identities.
It is reasonable to think that the money pouring into our housing market is questionable. If our society is turning a blind eyes to this matter, we are complicit in diminishing our Canadian values and we are putting our next generation in a very disadvantageous situation. We are in debt to our younger generations.
After all, housing is a basic necessity for every citizen. I support the foreign investor tax and believe the government should also implement an unoccupied property tax to regulate the deteriorated market.
Meanwhile, the Anti-Money Laundering Act should be diligently enforced to retain a fair playing field for law-abiding citizens.
Michael Poon
Richmond
