Real Estate Talks

not that i give a flying 4 letter word but

lets see the jealousy lol
http://www.cbc.ca/news/canada/british-c ... -1.3476617

One anecdote, a double income family just bought a property in Vancouver. Was more than they wanted but they had an eye on that property for years. They will be aggressively pricing their existing property obviously. What are we going to do about that?

One anecdote, a double income family just bought a property in Vancouver. Was more than they wanted but they had an eye on that property for years. They will be aggressively pricing their existing property obviously. What are we going to do about that?

Why are you being so obtuse about this? Its pretty clear what everyone is saying.

Did they buy it with money that has been taxed in Canada? Did they earn the money in Canada? Do they plan to live in said house? Do they plan to stay long term? Do they spend most of their earnings here?

Sounds like the answer to above questions is "yes."

What does that have to do with a foreign student, with no income, buying a West Side house for $5,000,000? And then another, just for fun, to keep empty?

The dominant influence of Chinese investors in Vancouver has finally been proven with comprehensive data.

In a recent six-month period about 70 per cent of all detached homes sold on Vancouver’s west side were purchased by Mainland China buyers, an academic case study shows.

Even more stunning, the study shows that of all self-declared occupations among owners — on homes worth an average $3.05 million — 36 per cent were housewives or students with little income.

And 18 per cent of the 172 homes purchased were not mortgaged by banks. That means roughly $100 million in questionable cash was poured into Vancouver’s west side from August 2014 to February 2015, much of it from China. Total value of all homes sold in the study period was $525 million.

Link: http://news.nationalpost.com/news/ca...d-china-buyers

What are we going to do about that Jesse?

One anecdote, a double income family just bought a property in Vancouver. Was more than they wanted but they had an eye on that property for years. They will be aggressively pricing their existing property obviously. What are we going to do about that?

if this was a 3d game, it would be called 'phallic envy". people just want what others have and get upset when they cant have it

Did they buy it with money that has been taxed in Canada? Did they earn the money in Canada? Do they plan to live in said house? Do they plan to stay long term? Do they spend most of their earnings here?

Sounds like the answer to above questions is "yes."

What is wrong if the answer is "no"? I thought it is even better for Canada if the money was earned outside, no?

Move to Port Moody, Coquitlam, or Surry, you will find out there are the same air, water, and sunshine, nothing wrong to be called a "home" there, leave west Van or Van West to the people who have deeper pockets, stop whine. If the stories about bad foreigners and their money were half true West Van or Van West were destroyed long time ago. Yeah, I still remember those stories 30 years ago, but that time were about Hong Kong or Taiwan Chinese.

A good place to start is to enforce existing residency laws and coordinate real estate transactions with the CRA. It's not all that's going on though. Record sales are not exclusively from foreign interests or cash sources.

Eby is on the right path but needs to press hard on the fintrac exemptions and start dealing with and tracking offshore money flows.

shouldn't be so much whining since OMG! those FOREIGNERS! the humanity! who supposedly dont live in a house still pay property taxes for services they dont use lol

If prices are bid up, new buyers are paying de facto tax. The old argument is that why complain if they don't use the services but a big % of taxes comes from commercial activity that absentees don't pay, and the services are there in part to support economic activity, not possible if nobody uses them.

Actually come to think of it if absentees aren't here to use the services why not charge them even more? It's not like they have much of a voice in the matter. Taxing other people makes a lot of sense because it's not me.

if someone is living in it they're actually taking up more of peoples resources instead of paying for what they dont use

So community means nothing to you?

No need to answer that.

people not living in their property pay taxes for services they dont use . people shouldnt whine about that

Sucks for kids...no Halloween candy at that house, no Chritmas light on that block, no neighbourhood kids to play with in that area etc etc

Sucks for kids...no Halloween candy at that house, no Chritmas light on that block, no neighbourhood kids to play with in that area etc etc

Yah - but who cares about kids. Clearly not foreigners.

TDMA,

Are you naive? or a troll?

Property taxes pay for certain things only!! GST & PST pay for different things. Income taxes pay for other things too.

Canadian residents who live here pay all three taxes. Foreigners only pay one (property taxes) of the three taxes.

Wake up man.

I couldn't give flying F word if someone doesn't live in their own house as long as they pay the bills and don't leave an unsightly mess. They pay taxes for services they dont use sounds good enough.