It looks like housing is going to get more expensive in UY because investors from the outside (Argentina and Brasil) are converting $ to bricks.
http://www.elpais.com.uy/economia/noticias/compra-viviendas-vuelve-opcion-inversores.html
We have a very big problem with this in Canada particularly in Vancouver. The government of British Columbia (BC) recently imposed a 15% tax on real estate investors from off-shore, who are speculated to be mostly Chinese looking to place their money outside of the influence of the Chinese government. The BC tax will likely cause investors to look elsewhere in Canada...Toronto, Calgary, etc.
It is the result of having governments in Canada and UY that respect property rights; but, unfortunately, Canadians and Uruguayans are affected because houses become less affordable to people that live there.
http://www.elpais.com.uy/economia/noticias/compra-viviendas-vuelve-opcion-inversores.html
We have a very big problem with this in Canada particularly in Vancouver. The government of British Columbia (BC) recently imposed a 15% tax on real estate investors from off-shore, who are speculated to be mostly Chinese looking to place their money outside of the influence of the Chinese government. The BC tax will likely cause investors to look elsewhere in Canada...Toronto, Calgary, etc.
It is the result of having governments in Canada and UY that respect property rights; but, unfortunately, Canadians and Uruguayans are affected because houses become less affordable to people that live there.
