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Poll: 15% tax in Toronto

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Justin da Rosa | 23 Sep 2016, 08:15 AM Agree 0
A 15% foreign sales tax may be imminent in Toronto – at least if one former Finance Minister has his way – so we want to know: Would that be a good or bad thing for the market?
  • Canadian Property Owner | 23 Sep 2016, 10:55 AM Agree 0
    So one politician has a bad idea (for the consumer and for Canadians) so another politician should follow. I love how the fact that government inaction on housing supply turns into a way for government to take even more hard earned money from Canadians (not just foreigners). If you don't think it affects Canadians, what about all the people who own property in Vancouver, their property is now worth less post tax increase. So who really wins? Government and people who will buy now. Who loses all current property owners most of whom are Canadian.
  • Don johnson | 23 Sep 2016, 10:59 AM Agree 0
    The problem with high prices is not foreign buyers - it is the red tape and massive taxes to build new homes - by the time a builder builds an 800000$ detached home in the burbs there is close to 400000$ of various taxes Hst transfer tax permit development fees interest costs due to gov't induced delays not to mention the payroll taxes - UIC,income tax, workman comp, cpp, etc

    blemd this with massive amounts of deficit spending meaning government is increasing money supply and you have more dollars in search of restricted supply and prices will go up

    Now the government that causes the problem wants to dictate who we can sell our homes to and wants to get another chunk of our equity with another tax - effectively a new 15% tax on top of land transfer - ( look at Toronto have imposed a second tax) -

    this has nothing to due with a plan to make homes affordable it is a well orchestrated public relations scheme of the government to get at the last remaining chunk of family equity

    When the government runs a deficit and prints money to cover the debt by magically creating illusionary mortgages - that money doesn't increase goods it increases the money supply which causes prices to go up

    Read article 21 of the United Nations manifesto - it clearly calls for all real estate to be owned by the government and the people are deemed as tenants

    This is a direct attack on our common law rights of property ownership and the governments interference is clearly defined
    In the Ontario expropriations act as expropriation

    but the government is broke and if you support this economic facade to make homes affordable then there is no hope because that is what they are counting on to get around the concept your home is a tax free savings account
  • Jimmy | 23 Sep 2016, 11:04 AM Agree 0
    Stats just released in BC and they are huge, all the people saying foreign buyers were minimal look like fools now.

    I would bet GTA and Toronto is not far behind. Foreign buyers should be banned completely. When you have a housing shortage, Canadian residents should come first not some millionaire who doesnt live here or some "student" that wants to buy a house with parents money, or who knows where it came from. Bunch of nonsense .

    http://www.richmond-news.com/news/foreigners-were-buying-one-in-four-richmond-homes-before-tax-1.2349606

    http://www.theglobeandmail.com/news/british-columbia/data-show-drop-in-bc-foreign-property-buyers-since-targeted-tax/article32000190/
  • John Lamberton | 23 Sep 2016, 11:08 AM Agree 0
    The only thing that will happen with a foreign buyer tax of 15%, is an acceleration of an already declining market due to economic influences. The small percentage of foreign buyers over the entire market is not the issue. It will also cool the local market as well as it did in Vancouver.
  • Kris Kooblall | 23 Sep 2016, 11:56 AM Agree 0
    Canadian families continue to subsidize the purchase of residential real estate by foreigners as Canadian families, on average, pay per family per year in excess of $30,000.00 in direct and hidden taxes.

    Yet foreigners have no interest in paying any tax and many Canadian families including mine are not opposed to taxes as these revenues goes to maintaining the essential services that everyone, including foreigners, enjoy.

    In China, the Shanghai Government has mandated by law that only Chinese residents and citizens who have filed personal income taxes in the last 5 years can purchase residential real estate.

    The Shanghai Government and other foreign governments seek to protect its residential real estate against the purchase of its local residential real estate by foreigners.

    When foreigners are allowed free and highly subsidized access to purchase Canadian residential real estate, given the purchasing power of Canadian families compared to foreigners, it crowds out Canadian families as many of these properties are purchased for flipping and many are left vacant; all the while Canadian families are left in the cold.

    What is the opportunity cost to the Canadian economy and Canadian families compared to the questionable investment by foreigners in Canadian residential real estate.

    The primary purpose of housing and residential real estate is not investment. Houses are not investment tools; to be purchased and re-sold for a profit even though it can be.

    Housing is a social and economic good that provides homes for Canadian families and how is wealth created; wealth is created, in the main, by the expenditure of human effort.

    So Canadian families being able to afford purchasing homes for their families assists directly in the process of wealth creation as families are expected to live and work in proximity to their lives.
  • EssJay | 23 Sep 2016, 01:54 PM Agree 0
    The rate of tax should be 25% for foreigners buying residential properties in Canada. 15% is not enough of a deterrent with huge amount of money coming in. With the current high prices, the millennials are finding it difficult to buy their first home with prices in GTA around 1 M for a detached house, over half a M for townhomes. What is important - Canadians buying and living in a home or unoccupied mansions for those who wish to 'park' their money in Canada, live abroad and pay no taxes???!!!
  • Warren | 23 Sep 2016, 05:18 PM Agree 0
    Only residents of Canada should be allowed to purchase a home. Period. I think it is wrong for people that don't live here buying a home. Especially with the Canadian dollar providing an unfair advantage. If we speak of equality then do it. Tax should at least be 15% or equal exchange rate whichever is higher.
  • ARHANT JAIN | 23 Sep 2016, 09:30 PM Agree 0
    Rather than 15% Tax; investors shall donate 10% to 25% of their profit i.e. capital gains to local charities of their choice in Canada.
  • Sukhi | 27 Sep 2016, 03:23 AM Agree 0
    This " vote now " link doesnt seem to be working
  • | 27 Sep 2016, 05:17 PM Agree 0
    I have been dying to be able to buy a house for my family, saving and busting my ass to reach my saving only to be outbid by some foreigner who don't pay any taxes so yes bring on the non Canadian tax hike, it is absolutely not fair to our young families who can't afford basic living.
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