Tamil Diplomat

Canadian PM Stephen Harper wants to track foreign home buyers

Foreign investors have been blamed for driving up the cost of real estate in Toronto and Vancouver.Hurt by failing oil prices, Canada’s ailing economy has become a major issue as the country elects new leadership.Mr Harper said that about 15% of condos in Vancouver aren’t being lived in.

“If such foreign, non-resident buyers are artificially driving up the cost of real estate and Canadian families are shut out of the market, that is a matter we can and should do something about,” said Mr Harper said, who was campaigning in Vancouver on Wednesday.

While home prices in the country’s interior have fallen, prices have remained high in Toronto and Vancouver.