Editor:
It is sometimes said that to find the source of a problem you should follow the money. So who benefits from the Canadian housing crisis?
1) All levels of government from property development taxes, property transfer taxes and probate taxes (the government calls these "fees") as just a few examples.
2) Banks from larger mortgages being inflicted on home and commercial property buyers.
3) Construction companies. Construction is the largest industry in Canada currently.
4) Land developers and speculators, including foreign investors.
5) Real estate sales corporations from increased commissions on sales.
All these entities are strong lobbyist of government.
Last weeks editorial comment that "we need new, skilled people to keep our economy growing. Canada is not going to grow economically without a steady supply of new Canadians" is a false concept and panders to the government and corporate propaganda being promoted to the public.
Current immigration and foreign student levels have been the most significant contributor to the housing crisis – crisis that is seriously detrimental to the resident Canadian population. I consider it to be a reprehensible neglect of the different levels of government to allow the crisis to unfold and perpetuate.
The consequences ranging from homelessness to the widening separation of rich and poor are more broad than most people realize and will result in a permanent decline in Canadian living conditions. Many people are leaving British Columbia and Canada already. Others are giving up the concept of owning a home and are instead investing in depreciating assets such as cars, boats or regular restaurant meals.
The USA is rated at being 20 per cent more efficient than Canada. Correcting this deficiency is far more appropriate than having the current unsustainable immigration levels as a part of government fiscal policy.
Stephen Begg
Harrison Hot Springs
