New Yorkers shocked at Toronto home value, June 7

The only way to lower rent is to reduce demand. With over one hundred thousand people each year moving to the GTA, rents will continue rising. New condo towers are constantly being built but the new supply can’t keep up with demand.

We should consider allowing only Canadian citizens to own land (and the home on the land.) The world’s population is growing and Canada’s land is finite. Why shouldn’t Canadian land be held for Canadians? Foreigners currently owning Canadian land can be given a 10-year period to divest.

Visitors should be welcomed to Canada but they can rent. Current homeowners in big cities may not like this suggestion since it will reduce the value of their homes. However, lower home prices will mean lower rents.

Without reducing demand rent will continue to rise, and most GTA homeowners have already had significant growth in their home values. Most big city owners can afford a reduction in their home’s value to help lower-income renters. Homeowners outside of big cities would likely not be affected since foreign ownership tends to concentrate in big cities.

Jason Fleming, Toronto

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