| Date | Time | Location |
|---|---|---|
| Monday, March 5, 2018 | 12:00PM - 2:00PM | Seminar Room 208N, 1 Devonshire Place |
Ever wonder why housing prices in Toronto have increased dramatically in recent times? Will housing be affordable in the future? In recent years, many foreign Chinese investors have been purchasing real estate in Canadian cities, namely Toronto and Vancouver. In 2010, Chinese investors spent about $5 billion on foreign real estate investments; in 2016, this figure grew to over $101 billion. Chinese investors around the world are expected to spend up to $1 trillion on real estate in the next decade, in which a large portion will pour into Canada. Although a common explanation for this trend is that Chinese investors are seeking to purchase luxury properties, the CBC has also found that most Chinese buyers are looking for homes under $655,050.
Furthermore, it is commonly believed that much of this real estate sits empty, while these investors are making city housing unaffordable, driving out locals, and harming the Canadian economy. As the Chinese foreign investors in Canada are believed to be reshaping the market, this panel discussion will explore what are the effects of increased foreign investment in Canadian real estate, on the economy and on other Canadians? What laws are in place to protect domestic buyers, if any? Are foreign investors driving up housing prices, or is this a racist explanation that masks other causes of increasingly expensive real estate in Canadian cities? This event will evaluate the truth in common narratives regarding increased Chinese investment in Canadian real estate, and explore what this phenomenon means for domestic buyers and renters.
Panelists:
● James McKellar, Schulich School of Business, York University
Professor James McKellar is the Director of the Brookfield Centre in Real Estate and Infrastructure Schulich School of Business at York University. He was the first Director of the Center for Real Estate at MIT and has held faculty appointments at the University of Pennsylvania, the University of Calgary, and as an Adjunct Professor at Johns Hopkins University. Professor McKellar has consulted businesses and governments worldwide on real estate matters covering housing, development, finance and investment, asset management, and market performance.
● Lynette Ong, Department of Political Science, University of Toronto
Professor Lynette Ong is an Associate Professor of Political Science at the University of Toronto and Director of Munk China Initiatives. Professor Ong researches authoritarian politics and the political economy of development. She is a published author on issues such as local government debt, contentious politics, protest and land reform, state-led urbanization and more.
Synergy Facebook event page: https://www.facebook.com/events/168722653772356/.
If you are attending a Munk School event and require accommodation(s), please email the event contact listed above to make appropriate arrangements.
Disclaimer: Please note that events posted on this website are considered to be public events – unless otherwise stated – and you are choosing to enter a space where your image and/or voice may be captured as part of event proceedings that may be made public as part of a broadcast, webcast, or publication (online and in print). We make every effort to ensure your personal information is kept and used in compliance with the Freedom of Information and Protection of Privacy Act (FIPPA). If you have any questions please get in touch with our office at munkschool@utoronto.ca or 416-946-8900.