I am a student and resident of Powell River. We as a town and part of Canada are being faced with the problem of housing affordability. This past year housing prices have risen to horrifying heights [“Real estate market in qathet region has a scarcity of inventory,” October 25].
In Powell River, a 2,500-square-foot, single-family home is currently around $750,000, which is $300 per square foot. Back in the early 2000s, a house that size would have sold for $80 per square foot, or less.
My generation is estimated to be the first unable to buy real estate. To fix housing affordability, prime minister Justin Trudeau is proposing a ban on foreign home buyers for the next two years. However, I personally do not agree with that.
Many people do not know of the additional taxes, such as the 20 per cent land transfer tax, included when buying a foreign home. By not allowing foreigners to buy housing in Canada, our taxes would be raised to cover those lost from this ban.
Do you think Canadians are going to like having higher taxes? You can call Trudeau’s office at 1.514.277.6020 to voice your concerns.
Ranae Babcock
Powell River
