Should the Hudson Valley Follow Canada & Ban House Sales to Out of Towners?
If you or someone you know is currently looking to buy a house anywhere in the Hudson Valley, you already know that the housing market is bananas!!! Could Canada's idea work here?
We aren't the only place in the world that is experiencing a home selling frenzy and our friends to the north in Canada have announced recently that they have decided to ban the sale of any house to any foreigners according to USA Today.
Canada Bans Foreigners from Buying Houses
Canada's Prime Minister Justin Trudeau announced a few weeks ago that they will ban any and all foreign investors from buying homes in Canada for two years. The ban is being put in place to try and "cool off" their extremely hot housing market. Not only will they ban foreign home buying, but they will also assess higher taxes for anyone who sells their home within a year.
A house selling/buying ban seems extreme, but do you think something like that could work here in the Hudson Valley? If you don't already know, trying to buy a house anywhere in the Hudson Valley has become almost impossible. There are houses available, but the prices on most houses are way higher than they are worth. The market is great for anyone selling but for buyers, it's out of control.
Personally, I started looking at houses about a year ago and had my eye on a few in a couple of towns in the Hudson Valley. I found one in Beacon that was close to my price range about 8 months ago and before I could even see it, the real estate person I was talking to told me it was already sold and sold for $20,000 more than the asking price. It was almost the same story for the houses I liked in Poughkeepsie, Wappingers Falls, and Newburgh.
"Cityiots" Need Not Apply
Every real estate person I've spoken to has said the same thing; more and more people have decided to move out of New York City and move up this way which is why the market is the way it is. As a hopeful buyer, I think a ban on selling homes to anyone not from the Hudson Valley for a year or two might work. Yes, I'm being selfish but I have heard locals complain about people from out of town for years!! Most people from the Hudson Valley even have a name for them....CITYIOTS!! Could it work?
Would you be in favor of a ban on homes being sold to out-of-towners? Call or text us through the Wolf country app.