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oli
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Re: Should the government intervene?

Wed Jul 27, 2016 11:41 am

More importantly, maybe foreigners does account for more than what some people think. That's why the Realtors are having such a strong reaction - there's enough commissions at stake.
 
Demonizer
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Re: Should the government intervene?

Wed Jul 27, 2016 11:43 am

there is a reason why poor people are stupid and stupid people are poor.

now all the whining has just created a cash cow for government. Like when you sell a used car 100x they still get the tax.

this is all a thinly veiled measure to cool down prices but it won't help the first time buyers. The politicians are just laughing at all the peons making them think something was actually done to help them. It just fattens up the politicians next pay raise.

now a house sale is adding more transfer tax dollars to the government. This does nothing to help people.

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.
 
whattodo
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Re: Should the government intervene?

Wed Jul 27, 2016 12:07 pm

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?
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).

I think this tax is just to make the BC liberals look good for the next election. There are too many loopholes and so people can avoid paying the 15% tax anyways.

In my opinion the foreign buyer element is a lot higher than 10%!
 
Demonizer
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Re: Should the government intervene?

Wed Jul 27, 2016 1:01 pm

i don't think the politicians should succumb to all the whining.

not everyone can live in Vancouver.

One thing i noticed that it's mostly caucasian people whining.

there are far less east indians or asians whining about pricing.

one thing that i believe will happen is the buyers will just buy in beyond Langley and Maple Ridge into Mission and Chilliwack and Okanagan
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Demonizer
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Re: Should the government intervene?

Wed Jul 27, 2016 1:32 pm

they've arbitrarily inflicted punishment without a referendum

these things should be voted on.

do you think that the yes side of the vote would have won. i doubt it.
 
jimtan
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Re: Should the government intervene?

Wed Jul 27, 2016 3:13 pm

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.
:mrgreen: :mrgreen:

Let's stick to the facts. the new tax applies to non-resident foreign citizens. Why do they need to own a home in Vancouver?

Anyone who has PR status, and has moved here, doesn't need to pay the tax :!:
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.
Shock and Awe. No longer biz as usual. As long as foreign residents get the message loud and clear.

BTW, how's Burnaby doing? 18% foreign buyers? What next?

Meanwhile, lending will slow as …


"OSFI tells some banks to test for sharp drops in Vancouver, Toronto housing markets

Financial institution watchdog says the banks should stress test for 40-50% drop in housing prices...

Ontario's finance minister said Tuesday he will be looking "very closely" at British Columbia's tax aimed at foreign homebuyers. "

http://www.cbc.ca/news/business/osfi-st ... -1.3695691
 
whattodo
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Re: Should the government intervene?

Wed Jul 27, 2016 3:38 pm


One thing i noticed that it's mostly caucasian people whining.

there are far less east indians or asians whining about pricing.
I realize I am stereotyping here. I know that not all asians & indians are bad but some are.

Are you saying that:

1) All the White Canadians who are being priced out are complaining
AND
2) the indians (who live 3 or 4 families in one house) & asian immigrants (who launder money & "cheat" the system are not complaining? Why would they complain??? :roll: They are very happy.
 
Demonizer
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Re: Should the government intervene?

Wed Jul 27, 2016 5:36 pm

That's evident. What's not clearly evident is that it's the assumption of laundered dirty money.

Get off the moral high ground. All money is dirty

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
 
reallyreal2
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Re: Should the government intervene?

Thu Jul 28, 2016 3:59 am

funny how demonizer is whining so much now.... if you can't take the heat, don't let the proverbial door hit you on the way out.

and then look at this former member of RET - LOL, how shallow can this cue-ball get. The government should audit him and every single one of his clients and transactions to see what other tax avoidance schemes he has set up in the past - I would be surprised that this is the first time he has cheated the system:

http://www.theprovince.com/business/rea ... story.html

Anyways, this new tax shouldn't effect prices that much - everyone keeps telling us that it is lack of supply, lack of land, best place on earth.... etc etc for the high prices. As you were :D
 
yzfr1
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Re: Should the government intervene?

Thu Jul 28, 2016 9:48 am

Every city has problems, but everyone is Vancouver has already drank the "coolaid". If the market crashes, all the construction workers, realtors, people related to the industry loose their jobs.. Ok sure all of a sudden there is tons of affordable housing. Why does everything think that their job or industry won't go un effected. People will be crying a different song when Vancouver becomes a Flynt Michigan.

Foreign investment should be welcome but we should have more control, if they want to buy a house they need to invest in LNG or something equivalent to help the GDP of Canada. Invest in Bio-Tech, Aviation... Turning away money is stupid. It's something other countries and cities would kill for. When life gives you lemons make a economy out of it.
 
whattodo
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Re: Should the government intervene?

Thu Jul 28, 2016 11:29 am

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
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:

- they have lower safety standards. No workers compensation etc.
- they have no minimum wage. They can pay $2 per hour if they want
- they have less benefits (such as medical, EI, CPP, pensions, etc)
- they have sweat shops, child labour, don't pay overtime
- they can pollute as much as they want
- they pay less taxes since they can bribe government officials easier

All of these things are illegal in Canada. So, is the Chinese money legal by Canadian standards even if it is legal in China? NO.
If I were to start a business like this in Canada I would be in jail but they can bring this money over here and buy our homes! How is a Canadian law abiding Citizen to compete with this? This is the problem I find with foreign "clean money".
 
Demonizer
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Re: Should the government intervene?

Thu Jul 28, 2016 2:00 pm

but we pay peanuts for those factory made goods.

where they make there money is not just from those things you said (labour laws, regulations, etc), they make their money with sheer volume.

you are indirectly guilty for those things you said if you ever buy anything made in china.

we ship poison manufacturing and pollution over there, they send us millions and billions in return.

sounds like an ok deal.
 
Demonizer
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Re: Should the government intervene?

Thu Jul 28, 2016 2:08 pm

they have death penalty in china for minor things too by our standards. it's an entirely different system.

you think that they in China may be advantaged in business end of things.

so you deem this as unfair and we are disadvantaged in Canada but

if you were them you would take your money, then escape and run to a place like vancouver too would you not?

Take away the labour laws and such and we would still be disadvantage because we have a small market. Canada cannot compete period.

i'm sure the mexicans and south american countries bitch about us too and our unfair advantages.

people love to bitch about anything.

cocaine and marijuana sellers make good money too. they also have advantage?
 
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jesse1
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Re: Should the government intervene?

Thu Jul 28, 2016 5:49 pm

Ah an interesting point, we abhor certain rules inside a "corrupt" country with numerous human rights violations, yet seem to think they need to adhere to the capital controls the same government has imposed. I don't know...
There is no shame in overpaying
 
yzfr1
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Re: Should the government intervene?

Thu Jul 28, 2016 6:58 pm

Don't start playing the moral high ground game. Vancouver was established on the sweat of Chinese labourers who built the rail road.

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