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Investors: Tax foreign real estate buyers

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Canadian Realestate Magazine | 17 Mar 2015, 08:56 AM Agree 0
Real estate hotspots such as Australia and Hong Kong are clamping down on foreign investors, with some suggesting Canada should follow suit with a tax on those buyers.
  • MFenn | 17 Mar 2015, 01:05 PM Agree 0
    I'm suspicious of such anti-foreigner measures, as if investment money behaves differently if the person is here for just over 6 months per year or just under 6 months per year, or whatever; or whether going before a citizenship judge somehow supposedly makes the investment money act differently. It sounds like just another cynical attempt to put up taxes, using a 'moralizing' cover. I'm a Canadian citizen and I recognize that immigration and prospective immigrants have been greatly beneficial to the economy.
  • Bill Cargill | 09 May 2015, 06:19 PM Agree 0
    Well I'm from New Zealand and we see alot of Chinese buyers here boosting up our house prices. Our average house price in Auckland now matches Vancouvers(2014) at NZ$804,000. This is of course, crazy!

    The real reason they allow foreigners to buy properties is to bring money into the country so saving government borrowing to stimulate
    the economy. Trouble is that foreign money was mostly borrowed and what happens when everyone wants to sell when the housing market hits its next downturn. The over leveraged properties will swamp the market. No worry about rising house prices then it will be just the opposite.

    Canada is such a wealthy country, second only to Saudi Arabia for oil (albeit oil sands) and also a world major in uranium mining as well as
    no shortage of water (or ice, or snow!) With only a mere 35 million population it should and could be achieving better economically than what we currently are seeing with its over 2 plus billion trade deficit ( While pip squeak NZ has an over 600million trade surplus!)

    I love Canada and wish to invest there myself.
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