You’re invited! Join LifeSite in celebrating 25 years of pro-life and pro-family reporting at our anniversary Gala August 17th in Naples, Florida. Tickets and sponsorships can be purchased by clicking here.
(LifeSiteNews) — According to the president of one of the nation’s largest real estate firms, institutional investors who have been buying thousands of homes in America are now doing the same thing in Canada.
Referring to the trend as a “new phenomenon,” ReMax Canada president Christopher Alexander told CBC News this week that while institutional investors have primarily been focused on American real estate, he suspects that the practice of large corporations buying up real estate may become more common in Canada now that prices have begun to decrease amid interest rate hikes.
“The lower you can buy as an investor, the higher the chance of selling high,” Alexander told CBC News. “They are well capitalized, they are smart and they have the means to make an impact in the marketplace.”
While billion-dollar companies have been buying homes for decades, a shocking study out of Harvard found that more than one-in-four homes sold in America in the first quarter of 2022 were purchased by these “institutional investors,” which real estate firm Redfin says is a “larger share of America’s homes than ever before.”
While the trend is likely larger in the United States, the number of homes purchased by these investors in Canada remains unknown, as both Statistics Canada and the Canadian Mortgage Housing Corporation (CMHC) told CBS News that they do not track that particular set of data.
Although the figures remain unclear, institutional real estate investment companies like Blackstone and Core Development Group have revealed their plans to invest billions in the Canadian real estate market while at the same time denying their actions would negatively impact ordinary citizens.
“We expect to continue to be very active in the Canadian market, particularly in areas like logistics, high quality creative offices and life science offices, studios and multifamily residential,” a Blackstone spokesperson told CBC News, adding that the company has “no intention of investing in the single-family housing market in Canada.”
Core Development Group, however, does have plans to purchase single-family homes, and earlier this year announced it is going to spend a whopping $1 billion on such homes in Canada with the goal of holding them in perpetuity as rental properties.
With Blackstone and other companies being listed as “partners” of the World Economic Forum, many remain concerned that the transfer of ownership from individual citizens to large corporations is part of the WEF’s “Great Reset” agenda, which says by the year 2030, “You’ll own nothing and you’ll be happy.”
The Great Reset is a radical socialist plan designed by global elites that “seeks to ‘push the reset button’ on the global economy” and establish a radical New World Order that seems to closely emulate many aspects of the Chinese Social Credit System.
In addition to reducing home ownership, the WEF has also laid out plans to eliminate private car ownership as part of a series of “mindset changes” needed to encourage people to “go from owning to using.”
Stop Trudeau’s Reckless Climate Plans That Could Spark Food Shortages! Contact your Canadian MP & Senators NOW.