Foreign property buyers tax
Jul 27th 2016, 5:51 pm
#32
Concierge
Joined: Jun 2011
Location: Oakville, ON, CA
Posts: 8,320
Re: Foreign property buyers tax
Just saw this on CBC: CMHC says list of housing markets deemed overvalued is growing - Business - CBC News
Jul 27th 2016, 5:59 pm
#33
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Foreign property buyers tax
BTW dbd33...re: "If not 1. Ethiopia then 2. Bali or 3. Florida or 4. Arizona"
1. I've been to Ethiopia...lots of skinny people living in huts.
2. Indonesia doesn't permit foreigners to own property.
3. Florida doesn't allow 'homestead exemption' to non-resident's property tax.
4. IRS will claim FULL Capital Gains Tax (CGT) on Canadians selling their property in Arizona and report to Revenue Canada....where additional CGT will apply. (I know 'coz I been there and done that)
1. I've been to Ethiopia...lots of skinny people living in huts.
2. Indonesia doesn't permit foreigners to own property.
3. Florida doesn't allow 'homestead exemption' to non-resident's property tax.
4. IRS will claim FULL Capital Gains Tax (CGT) on Canadians selling their property in Arizona and report to Revenue Canada....where additional CGT will apply. (I know 'coz I been there and done that)
Jul 27th 2016, 6:28 pm
#34
BE Forum Addict
Joined: Mar 2011
Posts: 1,274
Re: Foreign property buyers tax
When something else comes along like toxic low mortgage interest loans and owners increase their debt to buy hummers..... and the market has a hiccup so the whole plan collapses...who you gonna call ...Fannie May and foreclose property banks.
Quote "if it's not cheap anymore we can all move back to London." Iv'e read that since Brexit vote in June some expensive properties in London are down 20%+
If those in power can conceive a scheme of fairness and getting the realty market into a more stabilised state....prices will fall and future speculative use will be prevented.
Last edited by Davita; Jul 27th 2016 at 6:36 pm.
Jul 27th 2016, 7:09 pm
#35
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Joined: Aug 2013
Location: Maple Ridge, Super Natural British Columbia
Posts: 2,071
Re: Foreign property buyers tax
Just saw this on CBC: CMHC says list of housing markets deemed overvalued is growing - Business - CBC News
Jul 28th 2016, 2:35 pm
#36
BE Forum Addict
Joined: Jun 2015
Location: Vancouver BC
Posts: 1,706
Re: Foreign property buyers tax
but one that actively supports the fact that the government should not be acting in my best interest until I become a PR/citizen. I also support he idea that they should act in the interest of the majority not just a super rich elite 1%.
Last edited by Engineer_abroad; Jul 28th 2016 at 2:38 pm.
Jul 28th 2016, 2:41 pm
#37
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Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Foreign property buyers tax
If the government is obliged to act in the interests of people who might subsequently become PR/citizens then surely it's obliged to act in the interests of the Chinese investors as much as it is in your interests. What makes you less foreign than they are?
Jul 28th 2016, 2:59 pm
#38
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Joined: Jun 2015
Location: Vancouver BC
Posts: 1,706
Re: Foreign property buyers tax
The reason a government should act in the interests of residents is simply a case of democracy and soverigninity. this is far more complicated in BC as political parties here can legally accept donations from foreign organizations and individuals (one of the few jurisdictions that's allows this in the world).
Jul 28th 2016, 3:20 pm
#39
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Foreign property buyers tax
That's not what I am saying at all. I am looking at this more holistically. When I become a PR/Citizen then they should act in my interest, assuming my interests are aligned with the majority, not before. Same situation for Chinese Investors or any other investor (provided the money is legitimate).
The reason a government should act in the interests of residents is simply a case of democracy and soverigninity. this is far more complicated in BC as political parties here can legally accept donations from foreign organizations and individuals (one of the few jurisdictions that's allows this in the world).
The reason a government should act in the interests of residents is simply a case of democracy and soverigninity. this is far more complicated in BC as political parties here can legally accept donations from foreign organizations and individuals (one of the few jurisdictions that's allows this in the world).
I think the real losers in this circumstance are people who haven't moved for decades, have the house crumbling around them, and now find that, because the house is worth a fortune, they can't pay the property taxes. They may be well off but they're forced out rather than choosing to move.
I don't think people who would like to move to an expensive jurisdiction but don't have enough money need be much of a concern to the government of that jurisdiction. Indeed, people who don't have a lot of money and aren't likely to have enough income to buy a house aren't generally considered desirable immigrants.
Jul 28th 2016, 3:33 pm
#40
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Joined: Jun 2015
Location: Vancouver BC
Posts: 1,706
Re: Foreign property buyers tax
There's no reason to suppose that foreign donations are significant issue given that the BC government is doing pretty much the same thing as other governments in locations with heavy foreign investment; i.e. not much beyond enjoying the increased revenue resulting from the rising property prices.
I think the real losers in this circumstance are people who haven't moved for decades, have the house crumbling around them, and now find that, because the house is worth a fortune, they can't pay the property taxes. They may be well off but they're forced out rather than choosing to move.
I don't think people who would like to move to an expensive jurisdiction but don't have enough money need be much of a concern to the government of that jurisdiction. Indeed, people who don't have a lot of money and aren't likely to have enough income to buy a house aren't generally considered desirable immigrants.
I think the real losers in this circumstance are people who haven't moved for decades, have the house crumbling around them, and now find that, because the house is worth a fortune, they can't pay the property taxes. They may be well off but they're forced out rather than choosing to move.
I don't think people who would like to move to an expensive jurisdiction but don't have enough money need be much of a concern to the government of that jurisdiction. Indeed, people who don't have a lot of money and aren't likely to have enough income to buy a house aren't generally considered desirable immigrants.
Jul 28th 2016, 3:44 pm
#41
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Foreign property buyers tax
As it goes, the people I know who are in Vancouver are looking at moving to San Francisco; that's a more expensive location but one where the earning potential is also greater. From here, Vancouver's problem looks to be low incomes as much as high property values.
Jul 28th 2016, 3:46 pm
#42
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Joined: Jun 2015
Location: Vancouver BC
Posts: 1,706
Re: Foreign property buyers tax
Fair enough.
As it goes, the people I know who are in Vancouver are looking at moving to San Francisco; that's a more expensive location but one where the earning potential is also greater. From here, Vancouver's problem looks to be low incomes as much as high property values.
As it goes, the people I know who are in Vancouver are looking at moving to San Francisco; that's a more expensive location but one where the earning potential is also greater. From here, Vancouver's problem looks to be low incomes as much as high property values.
Jul 28th 2016, 4:50 pm
#43
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Joined: Mar 2011
Posts: 1,274
Re: Foreign property buyers tax
Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market, realtors say | Financial Post
and the situation in Vancouver has intensified since with prices up 30% Y on Y recently.
The CMHC just yesterday announced its concern about this bubble...
CMHC warns housing prices overvalued in 9 Canadian markets, with Vancouver at high risk | Financial Post
Jul 28th 2016, 5:13 pm
#44
Nuther day in paradise.ca
Thread Starter
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
Re: Foreign property buyers tax
The province released updated figures Tuesday from a snapshot of five weeks between June 10 and July 14 indicating that 935 of the 9,636 homes sold in Metro Vancouver went to foreign nationals.
Jul 28th 2016, 5:16 pm
#45
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Foreign property buyers tax
You really should read what experts say...this is from the financial post in 2014...
Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market, realtors say | Financial Post
and the situation in Vancouver has intensified since with prices up 30% Y on Y recently.
The CMHC just yesterday announced its concern about this bubble...
CMHC warns housing prices overvalued in 9 Canadian markets, with Vancouver at high risk | Financial Post
Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market, realtors say | Financial Post
and the situation in Vancouver has intensified since with prices up 30% Y on Y recently.
The CMHC just yesterday announced its concern about this bubble...
CMHC warns housing prices overvalued in 9 Canadian markets, with Vancouver at high risk | Financial Post
Last edited by dbd33; Jul 28th 2016 at 5:21 pm.