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Six Reasons Why Toronto Will Not Incorporate A Foreign Buyers Tax

Posted: Thu Oct 13, 2016 2:09 pm
by Demonizer
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…

5) Vancouver’s decision was a political move.

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.
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 “open letter” to Kathleen Wynne?  Looks like somebody is setting the groundwork for a political career…

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

Posted: Fri Oct 14, 2016 10:09 am
by tdma800
It did what it was intended to.  Calm some of the jealousy around Metro Vancouver

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

Posted: Fri Oct 14, 2016 12:53 pm
by Demonizer
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.

  1. government by a mob; mob rule.

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

Posted: Fri Oct 14, 2016 1:09 pm
by reallyreal2
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.

  1. 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

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

Posted: Fri Oct 14, 2016 1:11 pm
by Demonizer
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.

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

Posted: Fri Oct 14, 2016 1:18 pm
by reallyreal2
I'm confused...theft... you are talking about the Chinese immigrants who got their money illegally?

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

Posted: Fri Oct 14, 2016 2:13 pm
by Demonizer
yea theft. overtaxation. waste.

theft.

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

Posted: Fri Oct 14, 2016 3:11 pm
by reallyreal2
easy - move somewhere else.  Free country.  or world.

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

Posted: Mon Oct 23, 2017 11:59 am
by eyesthebye2
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

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

Posted: Mon Oct 23, 2017 2:40 pm
by reallyreal2
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
About the time it takes for the loopholes to be discovered.

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

Posted: Mon Nov 20, 2017 11:15 pm
by hunainlalani
Still against the foreign buyers tax in Toronto? Even after seeing 30%+ appreciation in feb 2017 over feb 2016?

If you’re not for it at this point then your entire article holds no merit as you’d be eating your own words.