Ontario real estate associations oppose taxing foreign buyers in Toronto

[nwtl]

http://www.ctvnews.ca/business/onta...se-taxing-foreign-buyers-in-toronto-1.3085541

Did this really make homes more affordable for the average Canadian in Vancouver or is it just easy tax money for government? Does the average Canadian's real challenge with buying here resolve with some 10%-20% decrease in home prices this may accomplish, or are the homes a lot more overpriced than this can tackle? What do you think the tax accomplished here in Vancouver? Was it wise? What do you think of the empty homes taxation idea, vs. this for Vancouver?

 

[wetnose]

Real estate association opposes a tax? Wow, I'm shocked....shocked I tell you.

In other news, Drug Dealers Trade Association of Canada tell police and parents to lighten up on fentanyl.

 

[westwoody]

Realtors whose income is a percentage of sale prices...such an objective, impartial source of facts.

 

[nwtl]

That does not answer the question. Is this effective?

 

[westwoody]

If it lowers the cost of houses for actual Canadians then it is effective.
It is too soon to tell, maybe a year from now it can be judged.

 

[overdone]

That does not answer the question. Is this effective?

tell us how does it benefit average Canadians in being able to buy a home then

that is something which should be a goal/priority of all gov'ts at all levels

to let them buy our homes, specially when they aren't living in them themselves while working here or studying, how is that effective for Canadians, besides the overpaid B of Sc and Arts grads selling them?

 

[westwoody]

tell us how does it benefit average Canadians

Government should be concerned with Canadians, not worrying about offending some Chinese millionaires.

Influx of offshore money means many young people cannot buy a house in their own home town.

 

[gr8_punk]

The foreign tax has decreased the sales in lower mainland quiet abit, however, it has not brought the housing prices down. I have couple of realtors as my marketing clients and they all saying the same thing. Tax has hit them hard on their pocket.

 

[nwtl]

The foreign tax has decreased the sales in lower mainland quiet abit, however, it has not brought the housing prices down. I have couple of realtors as my marketing clients and they all saying the same thing. Tax has hit them hard on their pocket.

This is how I feel. This does not make it any better for locals in terms of affordability. Not every country allows foreign ownership to begin with, perhaps that is the issue to be addressed.

 

[se7landrover97]

This is how I feel. This does not make it any better for locals in terms of affordability. Not every country allows foreign ownership to begin with, perhaps that is the issue to be addressed.

And what are these countries?

 

[Tugela]

The foreign tax has decreased the sales in lower mainland quiet abit, however, it has not brought the housing prices down. I have couple of realtors as my marketing clients and they all saying the same thing. Tax has hit them hard on their pocket.

That just means that the foreign tax needs to be increased substantially. When it reaches 100% then prices will re-adjust to what locals can pay.

 

[76duster]

I think the tax is a bad idea. While it might bring prices down for Canadians, the cost to Canadians is actually far greater than not being able to afford homes in Vancouver. It's a matter of perspective and I think that those who think that housing should be affordable for locals has the perspective wrong. Looking at the economic situation as a whole, Canada has an incredible amount of land and a population density that is at least 1/10 of what it should be to have a truly thriving economy. As well, when it comes to a windfall of foreign capital, the last thing you should do is create obstacles from receiving it - and that's because you'll never know if things change and you will miss that opportunity. More immigration and more money into Canada will do Canadians a lot of good. We need vastly more of each, because I believe we can and should become as powerful economically as the United States. If we sit on land that suddenly has become a precious commodity, we should capitalize on it. Putting a 15% tax on it will simply drive buyers away. Furthermore, the assertion that Canadians need to live in Vancouver and must be given the opportunity to buy housing is simply wrong-headed. In a market-driven economy - for the benefit of healthy growth - you can't force those kinds of limitations, you simply have to give up these notions of that Vancouver real-estate has to be affordable to locals; move to Maple Ridge, Mission, Abbotsford, etc. What's wrong with those places? Nothing, absolutely nothing. The snobs who must stay in Vancouver should just give up that shit, and move east and make it their own. As a whole the BC economy benefits from this capital influx and you just have to make the adjustments, and frankly having to live in Abbotsford as opposed to Vancouver is not a big deal and should never be. It's simply the price of progress, even if it means longer commute times and all those other things (people already put up with such things in Toronto). The 15% tax and the desire of locals to keep prices down is simply holding us all back from the progress we have coming our way.

 

[huggzy]

I think the tax is a bad idea. While it might bring prices down for Canadians, the cost to Canadians is actually far greater than not being able to afford homes in Vancouver. It's a matter of perspective and I think that those who think that housing should be affordable for locals has the perspective wrong. Looking at the economic situation as a whole, Canada has an incredible amount of land and a population density that is at least 1/10 of what it should be to have a truly thriving economy. As well, when it comes to a windfall of foreign capital, the last thing you should do is create obstacles from receiving it - and that's because you'll never know if things change and you will miss that opportunity. More immigration and more money into Canada will do Canadians a lot of good. We need vastly more of each, because I believe we can and should become as powerful economically as the United States. If we sit on land that suddenly has become a precious commodity, we should capitalize on it. Putting a 15% tax on it will simply drive buyers away. Furthermore, the assertion that Canadians need to live in Vancouver and must be given the opportunity to buy housing is simply wrong-headed. In a market-driven economy - for the benefit of healthy growth - you can't force those kinds of limitations, you simply have to give up these notions of that Vancouver real-estate has to be affordable to locals; move to Maple Ridge, Mission, Abbotsford, etc. What's wrong with those places? Nothing, absolutely nothing. The snobs who must stay in Vancouver should just give up that shit, and move east and make it their own. As a whole the BC economy benefits from this capital influx and you just have to make the adjustments, and frankly having to live in Abbotsford as opposed to Vancouver is not a big deal and should never be. It's simply the price of progress, even if it means longer commute times and all those other things (people already put up with such things in Toronto). The 15% tax and the desire of locals to keep prices down is simply holding us all back from the progress we have coming our way.

This is pure and utter bullshit.

 

[huggzy]

That just means that the foreign tax needs to be increased substantially. When it reaches 100% then prices will re-adjust to what locals can pay.

Or foreign citizens should be banned from being able to buy residential real estate completely.

 

[huggzy]

And what are these countries?

Australia for one. And its ironic to hear the Chinese complaining about BC going this direction when Hong Kong has a 15% tax on non-resident purchases, require foreigners to spend one year in mainland China before being able to buy there, and bans foreigners from being able to buy in certain neighborhoods as well.

 

[se7landrover97]

I think the tax is a bad idea. While it might bring prices down for Canadians, the cost to Canadians is actually far greater than not being able to afford homes in Vancouver. It's a matter of perspective and I think that those who think that housing should be affordable for locals has the perspective wrong. Looking at the economic situation as a whole, Canada has an incredible amount of land and a population density that is at least 1/10 of what it should be to have a truly thriving economy. As well, when it comes to a windfall of foreign capital, the last thing you should do is create obstacles from receiving it - and that's because you'll never know if things change and you will miss that opportunity. More immigration and more money into Canada will do Canadians a lot of good. We need vastly more of each, because I believe we can and should become as powerful economically as the United States. If we sit on land that suddenly has become a precious commodity, we should capitalize on it. Putting a 15% tax on it will simply drive buyers away. Furthermore, the assertion that Canadians need to live in Vancouver and must be given the opportunity to buy housing is simply wrong-headed. In a market-driven economy - for the benefit of healthy growth - you can't force those kinds of limitations, you simply have to give up these notions of that Vancouver real-estate has to be affordable to locals; move to Maple Ridge, Mission, Abbotsford, etc. What's wrong with those places? Nothing, absolutely nothing. The snobs who must stay in Vancouver should just give up that shit, and move east and make it their own. As a whole the BC economy benefits from this capital influx and you just have to make the adjustments, and frankly having to live in Abbotsford as opposed to Vancouver is not a big deal and should never be. It's simply the price of progress, even if it means longer commute times and all those other things (people already put up with such things in Toronto). The 15% tax and the desire of locals to keep prices down is simply holding us all back from the progress we have coming our way.

I agree with you 100%. People who stops investment in whatever form from coming in is plain ignorant of how the world economy works. Some people might not like whats going on right now, but its these kind investments that jobs are created, schools, hospitals are build, infrastructures furthered and development metastasized.

 

[marsvolta]

I think the tax is a bad idea. While it might bring prices down for Canadians, the cost to Canadians is actually far greater than not being able to afford homes in Vancouver. It's a matter of perspective and I think that those who think that housing should be affordable for locals has the perspective wrong. Looking at the economic situation as a whole, Canada has an incredible amount of land and a population density that is at least 1/10 of what it should be to have a truly thriving economy. As well, when it comes to a windfall of foreign capital, the last thing you should do is create obstacles from receiving it - and that's because you'll never know if things change and you will miss that opportunity. More immigration and more money into Canada will do Canadians a lot of good. We need vastly more of each, because I believe we can and should become as powerful economically as the United States. If we sit on land that suddenly has become a precious commodity, we should capitalize on it. Putting a 15% tax on it will simply drive buyers away. Furthermore, the assertion that Canadians need to live in Vancouver and must be given the opportunity to buy housing is simply wrong-headed. In a market-driven economy - for the benefit of healthy growth - you can't force those kinds of limitations, you simply have to give up these notions of that Vancouver real-estate has to be affordable to locals; move to Maple Ridge, Mission, Abbotsford, etc. What's wrong with those places? Nothing, absolutely nothing. The snobs who must stay in Vancouver should just give up that shit, and move east and make it their own. As a whole the BC economy benefits from this capital influx and you just have to make the adjustments, and frankly having to live in Abbotsford as opposed to Vancouver is not a big deal and should never be. It's simply the price of progress, even if it means longer commute times and all those other things (people already put up with such things in Toronto). The 15% tax and the desire of locals to keep prices down is simply holding us all back from the progress we have coming our way.

cities are the drivers of economic growth. when those cities become ghostlands of empty properties that are mere instruments of financial speculation then the economy suffers.

check out this article that describes the $1.6 trillion dollar damage to the US economy just due to restrictions on urban growth in major American cities:

http://www.citylab.com/housing/2015...e-us-economy-about-16-trillion-a-year/393515/

 

[huggzy]

I agree with you 100%. People who stops investment in whatever form from coming in is plain ignorant of how the world economy works. Some people might not like whats going on right now, but its these kind investments that jobs are created, schools, hospitals are build, infrastructures furthered and development metastasized.

Dude, you're a developer. You don't think that you have a somewhat biased position on this?

Our infrastructure is being stressed because of the influx of people coming into this country. Our medical system is being stressed because of the the number of new people flooding into our social systems. The need for so many new schools wouldn't be nearly as high if our classrooms weren't being filled by so many new residents.

How come developers aren't paying higher wages now than they were 20 years ago? Do you think that the guy working for you earning $50k/year with you now wouldn't be better off 20 years ago when there wasn't such a high demand for our real estate and he could afford to buy a house then?

 

[se7landrover97]

Sorry man, you are wrong. I am not a developer.

Dude, you're a developer. You don't think that you have a somewhat biased position on this?

Our infrastructure is being stressed because of the influx of people coming into this country. Our medical system is being stressed because of the the number of new people flooding into our social systems. The need for so many new schools wouldn't be nearly as high if our classrooms weren't being filled by so many new residents.

How come developers aren't paying higher wages now than they were 20 years ago? Do you think that the guy working for you earning $50k/year with you now wouldn't be better off 20 years ago when there wasn't such a high demand for our real estate and he could afford to buy a house then?

 

[huggzy]

Sorry man, you are wrong. I am not a developer.

Oh...ok. Apparently you talk out of both sides of your face and only pose as one then?!?!?

https://perb.cc/vbulletin/showthrea...-the-suburbs&p=1694210&highlight=#post1694210

"Being a developer, I don't think there will be bubble burst. Thats not going to happen here. Our banking system is so sound for that to happen and people will still continue to come to Vancouver. Vancouver is still very young. Still lots to become of this city and it's surroundings. Another main reason why our property is hot is mainly bcoz of that fact that our currency value is all time weak compare to other currencies. This makes property prices very attractive to foreign buyers. Wait until oil prices goes up and our currency return to parity with the US dollar or close to it, if that will ever happen, then cost of property will level. Level not go down."