By Lethbridge Herald on March 1, 2016.
The often-reported high cost of housing, especially in Vancouver and Toronto, has now reached the new federal government. It has just announced a doubling of the down payment for Canadians who purchase the more expensive homes.
The cause and result of this real estate tragedy, however, is never reported. If we remember back in 2014 and early 2015, it was scantily reported that Prime Minister Harper had encouraged the worldâ€™s wealthy business people to come to Canada and invest in Canada on a five-year tax-free basis (Immigrant Investor Program), and if they brought their families, they would receive instant citizenship. I stand to be corrected on the exact date, but what our Macleanâ€™s magazine reported as â€œHarperâ€™s Planâ€ is a total flop.â€ The importance of this folly would be worthy of a reprint by Macleanâ€™s, to show what can happen in mindless undertakings.
There has been a lot of money made on this blunder, and also a lot of grief will be suffered, especially by the young and the elderly in Vancouver and Toronto, for a long time to come.
This event even ruffled Obamaâ€™s feathers and he sent out a terse message to the fat cats leaving the U.S. to look behind them because the IRS would be right behind them for their tax debts at home. They came from China, the Arab States, the U.S., Russia, Greece and the rich from many lands.
This badly thought-out extravaganza also helped to sink the PC ship in the last federal election, and this sorry tragedy should be aired for its ongoing results for a long time to come. The continuing recession makes this all the more disastrous.
Frank J. Toth