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PM, B.C. premier both say no to taxing foreign investors

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Canadian Realestate Magazine | 15 May 2015, 07:51 AM Agree 0
The Prime Minister and B.C. Premier have both ruled out taxing foreign investors in a bid to curb rising house prices in Vancouver.
  • Angela | 15 May 2015, 11:03 AM Agree 0
    Of course our Government's will do nothing. They won't do anything until there is a backlash from Canadians that says "we've had enough" and we all know that by the time it happens, we will be sold down the the point of no return. This generation's children will have very little (if any) opportunity to own property here.
  • MFenn | 15 May 2015, 11:11 AM Agree 0
    Why would making foreigners the bogeymen - and more generally putting up taxes - help the economy to grow? It would certainly not help either investors or the economy to take measures that say: "Investors, go away!"
  • RE Investor Guy | 15 May 2015, 12:39 PM Agree 0
    I agree's funny how people complain about foreign investors when they are a major stimulus for our economy. It's not dissimilar to the huge influx of Canadian investors buying properties in Arizona over the past 5 years. In speaking with many US realtors, they are greatful that Canadians helped to prevent a further recession slip with their economy. People begin to regain lost equity as home prices increase. The difference in our situation in BC is that foreign investors are simply adding to the equity of home-owners (not pulling out of a crisis) by virtue of creating demand in the housing market.

    One thing the petitioners do not realize is the impact a foreign ownership tax would have on our economy. If you want to see the 'bubble burst' then this is the way to do it! It could have pushed the economy into recession through a major correction in the RE market. First-time home buyers may be happy with a drop in home prices, but the majority of the province (families/home-owners who hold a mortgage and/or equity-backed credit) could be in a very difficult position.

    Great decision Stephen and Christie!!
  • Don | 15 May 2015, 01:37 PM Agree 0
    Pure foolishness to think that allowing free foreign investment in Canada is a boon to our economy. This is strictly short term political thinking.

  • Derek | 15 May 2015, 03:30 PM Agree 0
    Other countries do this . Government short term mentality , no thought for the future speaks to an Alberta saying that Goes " Please Lord let us have one more Boom and this time I won"t piss it away " I would think only two markets that it would directly effect would be the cities like Vancouver and Toronto . At present their markets screw up all the sales stats for the entire country, as all you hear is what is happening in those cities as if that is all that Canada consists of . I guess if you consider the rest of the world , those are the cities where the worlds wealth people only look at . A tax may help spread the wealth as then the foreigners would consider other provinces and cities which would help the rest of the country . ( I guess the idea of helping each other might be a problem) They might consider that the present situation of living off of foreign money ( allowing false economic growth ) can back fire , look at Alberta and the effect of having to much reliance on Oil and gas revenues. Another issue is that this is making area's where only the Rich can live , across the country and the world they talk about the end of the Middle class , and the government is helping ( allowing) create areas where just the rich can afford. To think they have no problem making it harder for the average citizen to get a mortgage (rule changes) but they won't do anything to keep foreign buyers from pushing the markets out of reach of the canadian citizens .
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