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As of January 1, foreigners are banned from buying property in New Zealand because of soaring real estate prices. Canada should have done the same years ago.

But Canadian governments remain clueless. Last month, the Canada Mortgage and Housing Corporation claimed misleadingly that “non-residents” own a small portion of housing – a mere 3.4 percent in Toronto and 4.8 percent in Vancouver.

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That statement underscores the incompetence of the country and its principal lender.

Ownership is hidden in Canada because the country is a giant secrecy haven where anyone from anywhere can, and does, buy properties through offshore shell companies, nominee shareholders, trusts, or law firm fronts. The only glimpse into the scale of foreign speculation abuse was an analysis in 2015 by anti-corruption organization, Transparency International, of Vancouver’s 100 most valuable property deals: Nearly 50 per cent of ownerships were hidden through shell companies, nominees and trusts.