Canadian Realestate Magazine forum is the place for positive industry interaction and welcomes your professional and informed opinion.

New tax on foreign buyers might induce price growth instead - analysis

Notify me of new replies via email
Ephraim Vecina | 05 Aug 2016, 08:15 AM Agree 0
15 per cent tax on overseas nationals buying B.C. properties might instead only induce a home price increase of similar magnitude, warns an analyst
  • MFenn | 05 Aug 2016, 12:15 PM Agree 0
    Well, the politicians have gotten their "cover" to put up taxes; meanwhile, all those realtors who in recent years and months have been baying unprofessionally with ethnic-specific hostility to Chinese investors now have to face the consequences of their own actions.
    I really think the realtor organizations ought not to tolerate, from their members, unprofessional, ethnic-specific hostile discourse about their clients and potential clients.
  • | 05 Aug 2016, 12:29 PM Agree 0
    What we really want: that those darn foreigners just send their money to Canada and get nothing in return.
    • MFenn | 10 Aug 2016, 11:04 PM Agree 0
      Reminds me of Sir Oswald Mosley's followers trying to drive away "foreigners" from the East End of London in the 1930s.
  • Peter | 05 Aug 2016, 11:07 PM Agree 0
    BC Government is the biggest winner on the property transfer tax and now the extra 15% surcharge. How much from this lucrative revenue has the BC Government spent on housing for the general public? Vancouver is closing many schools due to funding shortage and the schools are considered not safe in an earth quake. Where does this property transaction tax go to?
  • Charles | 06 Aug 2016, 01:45 AM Agree 0
    Nobody will pay this abusive and politically driven tax. The % is way
    too high for foreign investors or immigrants. Bc will not collect a dime on top
    of defrauding innocent people by not having a grandfather clause.

    5 to 8% should have been the max, allowing non- permanent residents with a work permit
  • MFenn | 06 Aug 2016, 10:41 PM Agree 0
    The inefficient and unworkable obsession with beating up on foreign investors - with little or no consultation - is redolent of the bungling of the hapless Walter Gordon in the '60s, all over again. Michael Bliss writes that Gordon, a nice man and truly disastrous at the financial helm, "bypassed his senior officials to bring in outside consultants (most notably a thirty per cent takeover tax on sales of Canadian companies to outsiders), disregarded clear warnings that his schemes were unworkable, learned from an enraged business community that there really were unworkable, and then bungled their withdrawal. In a few days this deeply foolish finance minister destroyed his own reputation and crippled the government's. .. Pearson's real mistake was in not having accepted Gordon's resignation. Gordon's further mistake was in not having insisted on resigning." Michael Bliss, 'Right Honourable Men', Toronto, ON: HarperCollins, 2004, p. p. 225-226. But of course most politicians will usually do anything except admit their bungles were wrong.
Post a reply