Leftbank condos floor plan. Will house prices in Canada really fall? According to a document released by the Canadian Federal Commissioner for conflict of interest, about 1/3 of ministers in Trudeau’s Liberal cabinet own real estate for rental and investment purposes.Please Visit: Leftbank condos floor plan to Get Your VVIP Registration Today!
Although this is perfectly legal, such a high proportion also reflects that more and more Canadians see real estate as an investment rather than a place to live.
Fang Huilan, deputy prime minister of Canada, attacked the phenomenon of “intergenerational injustice” (intergenerational injustice) when promoting the new budget on Monday, according to the local English-language media Globe News. “as a 53-year-old, one of my biggest concerns is intergenerational injustice, which shocked me,” she said. We (this generation) have a better chance of buying a house and starting a family than today’s young people. We cannot allow the new generation in Canada to be excluded from the dream of owning a house. ”
The so-called “intergenerational injustice” simply means that the younger generation no longer have the same opportunities to buy houses as their parents did when they were the same age. The reason is obvious to many: investors’ entry into the market has pushed up house prices and robbed them of housing, putting the relatively cash-strapped younger generation at a disadvantage.
This view has been confirmed by an analysis released by the Bank of Canada earlier this year. The report points out that now, especially during the COVID-19 pandemic, investors buy more houses than first-time buyers or even multiple buyers (repeat homebuyers), that is, to buy multiple properties, but not for investment purposes. Investors have taken 1/5 of all home purchases in Canada, while the share of first-time buyers hit a new low last year.
Similarly, a document released by the Federal conflict of interest Commissioner also confirms that 12 of Trudeau’s 39 Liberal ministers, that is, nearly 1/3, declare to own real estate for rental and investment purposes. this includes houses being rented, vacant land, properties used for tourism, and properties intended to move in in the future, but if you own a house that is not for rental or investment purposes. Are not included in the declaration.
At the top of the list is Federal Housing Secretary Ahmed Hussen. He is the sole owner of a rental property in Ottawa.
Solving the problem of housing burden in the country is an important campaign promise of Trudeau, and Hou Sen is the person in charge and executor.
Fang Huilan, the deputy prime minister, owns two rental properties in London, UK, although she does not own any leased or investment properties in Canada. She is also the owner of a joint property in Ukraine.
Others include:
Innovation Minister Francois-Philippe Champagne owns two rental properties in the UK.
Veteran Secretary Lawrence MacAulay owns a farm rental property in St Peter’s Cable Head, Prince Edward Island.
Tourism Minister Randy Boissonnault has a share in an investment property in Edmonton, Alberta. However, according to local officials, he has only about 1% ownership and has no income from the property.
Aboriginal Services Minister Patty Hajdu owns a rental property in Thunder Bay, Ontario.
Gudie Hutchings, the minister of rural economic development, is involved in a real estate holding company in Little Rapids, Newfoundland. An official said it had something to do with her work in the tourism industry before she became a congressman.
Kamal Khera, Minister of Geriatrics, is the sole owner of an investment property in Caledon, Ontario.
Attorney General David Lametti owns a three-door suite (triplex) in Verdun, Quebec, and is the sole owner. His office said he lived in one of the units and rented out other units.
Diane Lebouthillier, the minister of taxation, declared that she had a “significant interest” with a holiday home rental partnership in Gaspe, Quebec, which is located at the mouth of St. Lawrence.
Harjit Sajjan, Minister of International Development, is one of the owners of an investment property in Whistler, BC province. Earlier, he had just sold a rental property in Osoyoos, the province.
Fisheries Minister Joyce Murray (Joyce Murray) declared two investment properties, a rental in Kootenay, BC province, and a vacant lot for investment.
In fact, the investment or rental property in these parliaments is not limited to these cabinet ministers, nor is it limited to the Liberal Party. Many MPs from the Conservative Party, the New Democratic Party and the Kui political group have them, and they must declare them. However, as the decision-makers and executors of the government, ministers hold a large amount of investment or rental housing, which is still an intriguing thing.
Kershaw, head of the youth rights group Generation Squeeze, said the large number of cabinet ministers owning rental and investment houses reflects one of the core challenges driving soaring Canadian real estate prices, namely that investing in real estate has become a deep-rooted Canadian culture. This makes buying a house a strategy for getting rich, not just a place that can be called home.
What is even more worrying is what impact these ministers, who are themselves investment owners, will have on the housing market.
John Pasalis, president of Realosophy Realty Real Estate in Toronto, said: “in an ideal world, a person’s economic interests will not affect their decisions, but people are people after all, there are obviously some deviations.” No one wants to see their financial assets or retirement plans.