{"id":293596,"date":"2025-06-14T22:03:37","date_gmt":"2025-06-14T22:03:37","guid":{"rendered":"https:\/\/peraltafinancing.com\/uncategorized\/torontos-richard-silver-of-sothebys-urges-carney-to-allow-foreign-buyers\/"},"modified":"2025-06-14T22:03:37","modified_gmt":"2025-06-14T22:03:37","slug":"torontos-richard-silver-of-sothebys-urges-carney-to-allow-foreign-buyers","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=293596","title":{"rendered":"Toronto\u2019s Richard Silver of Sotheby\u2019s urges Carney to allow foreign buyers"},"content":{"rendered":"


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The following is a condensed version of a June 10 open letter written by Richard Silver, senior global real estate advisor with Sotheby\u2019s International Realty Canada in Toronto and Silver Burtnick & Associates team leader.<\/span><\/i><\/p>\n

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Dear Prime Minister Carney,<\/span><\/p>\n

As a long-time real estate professional based in Toronto, past president of the Toronto Regional Real Estate Board, past Director of the Canadian Real Estate Association, and someone deeply engaged in both local and international markets, I respectfully urge your government to reconsider and lift the current ban on residential real estate purchases by non-residents.<\/span><\/p>\n

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Why now?<\/span><\/h2>\n

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We are entering a unique window of opportunity. The global landscape is shifting. Canada is again viewed as a beacon of stability, multiculturalism, and innovation. Many Canadians who left during the pandemic or for international career opportunities are now exploring returning home, provided they can invest, live, and grow here.<\/span><\/p>\n

Unfortunately, the Non-Resident Buyer Ban sends an unintended message: that global talent, innovation capital, and returning Canadians are unwelcome. While the ban\u2019s original intent may have been to cool housing markets and increase affordability, it has had limited effect on long-term supply-side solutions. Instead, it risks stifling high-value immigration and economic momentum when we need it most.<\/span><\/p>\n

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A strategic shift could reverse the brain drain<\/span><\/h2>\n

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Many of our best and brightest\u2014engineers, scientists, creatives, and tech entrepreneurs\u2014are currently based in hubs like San Francisco, London, and Singapore. These are Canadians by birth or identity who are eager to come home, contribute to our innovation economy, and invest in property for themselves and their families. Lifting the ban would give them a tangible path to do so.<\/span><\/p>\n

Further, the international clients I work with\u2014many of whom have Canadian children studying here, businesses based here, or family roots\u2014are not speculative flippers. They are builders, contributors, and long-term thinkers.\u00a0<\/span><\/p>\n

The luxury and high-end markets they target rarely overlap with the supply needed for first-time homebuyers. Instead, their investments help fund new developments and bolster Canada\u2019s global standing as a safe and desirable place to live.<\/span><\/p>\n

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A call for targeted reform, not restriction<\/span><\/h2>\n

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Rather than blanket bans, I suggest developing a tiered, transparent system that protects housing affordability while encouraging international and returning Canadian buyers who bring economic and social value. Clear tax frameworks, enforceable ownership disclosure, and incentives for long-term investment could all work in tandem with affordability initiatives.<\/span><\/p>\n

Prime Minister, Canada has always been a welcoming nation. Let\u2019s not close our doors to those who want to return, contribute, and call this country home again. I would be honoured to discuss this with you or your policy team, and I thank you for considering this important shift in policy.<\/span><\/p>\n

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