Ben Tal (CIBC) previously predicted higher interest rates every year from 2008 to 2015 and was wrong. If he bothered to do proper research he would realize that foreign buyers have minimal impact on the price of existing homes. They are not active in the 416 between 1-2.5m which is where the price crisis exists.There would be no Toronto today without the 100,000’s of condos sold by floorplan.Click To Tweet
Foreign buyers are active in the 416 / 905 in the purchase of condos from floorplans, something local buyers avoid like the plague. Thank our luck stars for their intrepid investing. There would be no Toronto today without the 100,000’s of condos sold by floorplan. No new hotels, no new office buildings and a bankrupt City Hall. So lets tax the people enabling our growth. Very Clever.