In this scenario the foreigner could save up a larger down payment and wait until they get PR status and save the 15%. Of course if prices keep going up very fast they will lose out. That's what wrong when prices go up too fast. In a normal real estate environment (think anywhere else in the world) you get rewarded by waiting and putting down a larger down payment (with a lower mortgage).so just because a person is foreign and has just managed to scrape enough money to move their family to Canada and escaped an unfavourable country with all their savings has to pay 15% more?
I also think it is wrong to tax a foreign person who just wants to move here and build a family and set roots.
so just because a person is foreign and has just managed to scrape enough money to move their family to Canada and escaped an unfavourable country with all their savings has to pay 15% more? that's huge and will prevent people from moving here and contributing millions and billions more to Canada's economy.
talk about shooting the golden goose and yourself in the foot.
Shock and Awe. No longer biz as usual. As long as foreign residents get the message loud and clear.The internets are already leaping forth to point out the many (perfectly legal) ways by which people will be able to avoid this tax... In the end, I'm not sure its going to amount to very much other than hype.
I realize I am stereotyping here. I know that not all asians & indians are bad but some are.
One thing i noticed that it's mostly caucasian people whining.
there are far less east indians or asians whining about pricing.
Let's assume the money is NOT laundered for a minute. Business owners is China can make legally (by Chinese laws) more money than Canadians business owners in Canada (who have to abide by Canadian laws) since:That's evident. What's not clearly evident is that it's the assumption of laundered dirty money.
They are just mad someone is richer and more successful than them. Sure there are criminals but there aren't criminals in canada?
Canadas economy will never generate the amount of wealth of even the USA let alone China that's like 500x more people. For that reason alone regular Canadians are like baby lambs eaten by wolves