This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
Demonizer
Real Estate Talker
Topic Author
Posts: 219
Joined: Tue Nov 03, 2015 10:06 am

Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Thu Oct 13, 2016 2:09 pm

http://torontorealtyblog.com/archives/14734

This story will just not die a natural death.
It’s been a month since all the hoopla about Vancouver’s 15% “foreign buyer tax” started, and I never thought we’d still be talking about it into September.
It doesn’t affect us here in Toronto, and yet the stories continue to mount.
The story I’m second-most tired of hearing about: Toronto following suit with a similar tax.
Here are five reasons why it won’t happen…

[color=#333333]5) Vancouver’s decision was a political move.
[/color]
This isn’t a secret, is it?

British Columbia’s provincial election is in May of 2017.

Christy Clark’s government has fallen out of favour.

The NDP is pushing hard out in B.C., and while it seems like the suggestion that the NDP could win an election in British Columbia is far-fetched, you might want to talk to the folks in Alberta about that notion…

The 15% buyer’s tax was a political move, and if you don’t agree, then I’d love to hear an argument on how this makes sense for the economy as a whole.

Just as ignorant, unintelligent, uninformed citizens in the United States will vote for Donald Trump, whose policies will likely make their lives worse off (specifically the poor, who don’t understand the basics of economics), there are those in British Columbia who are so frustrated with real estate prices (and many other things in their lives, the outlet for which, of course, will be “foreigners”), that they’ll ignore the decrease in the average person’s net worth that will result from a real estate collapse, simply to get their Province just a little bit whiter.

From a municipal standpoint, I don’t see John Tory doing anything as drastic as what was done in British Columbia.

Kathleen Wynne, oh ye of the provincial pension, and $1.9 Billion in carbon taxes, is another story.
[color=#333333][font=Noto Serif]The provincial Liberals scare the crap out of me when it comes to taxes, and every time I think, “Okay, they can’t possibly create another make-believe tax,” they figure out a way to do so.  As an aside, did you read Kevin O’Leary’s latest “[color=#337ab7]open letter” to Kathleen Wynne?  Looks like somebody is setting the groundwork for a political career…[/color][/font][/color]
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 10:09 am

It did what it was intended to.  Calm some of the jealousy around Metro Vancouver
 
Demonizer
Real Estate Talker
Topic Author
Posts: 219
Joined: Tue Nov 03, 2015 10:06 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 12:53 pm

yep and it's criminal

i learned a new word the other day.

Ochlocracy (Greek: ὀχλοκρατία, okhlokratía; Latin: ochlocratia) or mob rule is the rule of government by mob or a mass of people, or, the intimidation of legitimate authorities.


    government by a mob; mob rule.
 
reallyreal2
Real Estate Talker
Posts: 687
Joined: Fri Jun 03, 2016 11:30 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 1:09 pm

Demonizer wrote:
yep and it's criminal

i learned a new word the other day.

Ochlocracy (Greek: ὀχλοκρατία, okhlokratía; Latin: ochlocratia) or mob rule is the rule of government by mob or a mass of people, or, the intimidation of legitimate authorities.


    government by a mob; mob rule.

Who's going to jail?
anyways, I thought you would have been tired of crying by now.  It is what it is - Vancouver is a great place and if outsiders want in, they should pay more than locals.  Fair is fair.  It is nobody's right to live here and the locals set the rules.  Whether you like it or not  :D
 
Demonizer
Real Estate Talker
Topic Author
Posts: 219
Joined: Tue Nov 03, 2015 10:06 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 1:11 pm

yep, theft is a crime. even worse, waste of the stolen money is a worse crime,
and politicians should be sent to jail

i hope the class action lawsuit from buyers proceeds. they can sue them and they will go running with their tail in between their legs.
 
reallyreal2
Real Estate Talker
Posts: 687
Joined: Fri Jun 03, 2016 11:30 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 1:18 pm

I'm confused...theft... you are talking about the Chinese immigrants who got their money illegally?
 
Demonizer
Real Estate Talker
Topic Author
Posts: 219
Joined: Tue Nov 03, 2015 10:06 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 2:13 pm

yea theft. overtaxation. waste.

theft.
 
reallyreal2
Real Estate Talker
Posts: 687
Joined: Fri Jun 03, 2016 11:30 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Fri Oct 14, 2016 3:11 pm

easy - move somewhere else.  Free country.  or world.
 
eyesthebye2
Real Estate Talker
Posts: 1169
Joined: Sun Jul 27, 2014 6:41 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Mon Oct 23, 2017 11:59 am

https://ca.news.yahoo.com/buyers-regain ... 15407.html

Looks like Toronto slump lasted roughly as long as Vancouver's after foreign buyers tax implemented...6 months
 
reallyreal2
Real Estate Talker
Posts: 687
Joined: Fri Jun 03, 2016 11:30 am

Re: Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Mon Oct 23, 2017 2:40 pm

eyesthebye2 wrote:
https://ca.news.yahoo.com/buyers-regain-confidence-toronto-real-221215407.html

Looks like Toronto slump lasted roughly as long as Vancouver's after foreign buyers tax implemented...6 months

About the time it takes for the loopholes to be discovered.

Who is online

Users browsing this forum: No registered users and 3 guests