Foreign buyers cannot buy homes in Canadian cities as a result of a new measure. Would a similar policy alleviate some pressure on the local market? Here's what Australian experts think.
the measure didn’t make “a material impact on removing a source of pressure and restricting demand growth.”Australian-based economic and property experts that SBS News spoke with were not confident the ban would have any obvious effect on the Canadian housing market and did not see any reason for Australia to follow.
“The general rise in house prices can only be addressed through more fundamental means, such as increasing the density of cities and suburbs, which requires also more diverse housing options, and better tailoring housing to the needs of people,” she said. “It highlights that migration to Australia is not a bad thing, and it doesn't mean housing gets less and less affordable, it’s kind of highlighted that there are other challenges, low interest rates, or lack of supply, much bigger issues creating the unaffordable housing market, as opposed to our strong rate of population growth."The average cost of a home in Australia dropped by about 5 per cent last year to about $708,000.
Mr Kusher said while he wasn’t aware of any official data in regard to how often this happens, he said there was anecdotal evidence this was occurring.Australia has seen the biggest annual fall in home prices since the GFC. What's driving it?
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