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Proposed tax targets investors

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Justin da Rosa | 20 Jan 2016, 08:50 AM Agree 0
Leading economists have proposed a unique tactic for reining in one of the country’s hottest housing markets
  • Don R Campbell | 20 Jan 2016, 12:47 PM Agree 0
    A 1.5% tax:

    1. Will have very limited (if at all) effect on those buying and holding in that market. Let's be realistic If you can afford to buy, hold and keep empty a multi-million dollar property. A 1.5% tax will NOT slow down the demand

    2. Average price of condos in the region has been fairly stable since 2009.

    3. Is an 'optics' move. Seeming to do something.... then everyone can applaud and feel good.

    4. The drop of the Canadian dollar will off-set any 'tax on foreigners' that could be put on. Canada is on sale at a deep discount.
  • kread | 20 Jan 2016, 01:15 PM Agree 0
    This would cost 1.5% to administer, for a net gain of 0.
    And the big question is - how would this be determined?
    Also, what I don't get is how these empty houses are being insured? There is only very expensive insurance of limited duration
    available for vacant properties.
  • MK | 20 Jan 2016, 02:43 PM Agree 0
    This tax proposal would set forth the "law of unintended consequences". Stay out of it government. You no not what you do.
    • MFenn | 11 Apr 2016, 12:06 PM Agree 0
      When people rail against foreigners or even against Canadian seniors who spent 5 or 6 months South of the border as if they need to be penalized simply for being who they are, they are only playing into the hands of manipulative politicians who may be willing to find any excuse to put up taxes. But those who invest, whether in property or elsewhere, know that economic growth is hardly enhanced by penalizing investment.
  • | 20 Jan 2016, 03:19 PM Agree 0
    How you define a home is empty? We have friends who goes abroad for 6 months at time will not rent out their home.
    Also ownership may have issue too. Friends and family name can be use to buy properties,
    Only other way would be to control source of money coming in. but why? ask those owner who has sold their properties and those who will sale now, they are now multi millionaires spending their win fall in economy.

    The focus should be on making easier for first time home buyer with lower down payment and discount on taxes.

    There should be a tenancy registry for problem tenants to avoid rental losses and property damage cause by tenants this will give landlords incentive to screen potential tenants and make their properties available for rent.
  • Concerned Citizen | 25 Jan 2016, 10:46 AM Agree 0
    "know" not "no"

    That is all.
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