Great Policy

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"Homes are for people not investors."

Banning foreigners from buying property in our nation is a must. And Canada has just moved in that direction, 

"Over the weekend, Canada introduced a ban on foreigners buying properties.

The ban would only apply to city dwellings and not to recreational properties such as summer cottages. Refugees and permanent residents who are not citizens will also still be able to buy homes.

When the ban was first flagged during the 2021 election campaign, Prime Minister Justin Trudeau claimed foreign buyers were pushing home ownership out of the reach of Canadians...Homes are for people, not investors."

While this policy does not go far enough. It is absolutely a move in the right direction. The move, predictably, has been labelled xenophobic. Which is fantastic, because this is just another way of saying that the policy favours Canadians not foreigners. We need to see more such policies from our political leaders, more policies that are labelled as xenophobic. Because this means our politicians are remembering who they really serve. 

One critic "has labelled Canada’s foreign ownership ban a populist xenophobic gimmick." This should be seen as an indicator that government is moving in the right direction. 

I can't see Australian politicians following suit any time soon. Favouring the foreigner is an Australian political badge of honour. Aussie political leaders cave very quickly under any hint of the accusation of racism. 

But as the author of the above article notes: 

"There is nothing xenophobic about restricting foreign ownership of residential property. Most Asian nations (including China) do the same to safeguard locals. Yet nobody calls these nations xenophobic – a term that only seems to apply to Australia."

Indeed it's not only not wrong to pass such a law, it's evil not to. Politicians should serve their people only and ever. And people across the West are suffering from high costs of living, and should not have to compete with foreign cashed up investors. 

Of course such a law is not enough. Foreign ownership is not the only cause of high house prices. Governments costs, lending practices, negative gearing, and more contribute to the problem. But never let it be said that today's politicians cannot stumble across the right policy, it can happen. Maybe our own politicians will find their way to a similar policy?