B.C. 15% Tax on Foreigners
- Thread starter SkyRider
- Start date
If my house dropped even 20%, I would be really pissed at the government. I am Canadian and I vote.
They are all waiting out expecting a big correction. Also the banks/government are making mortgages harder to get. It's going to be nasty. 35% of Canada's GDP is dependent on real estate (construction, insurance, RE law, RE agents/Realtors, construction materials, finance) and when these guys start laying off people then even more mortgages will start defaulting, mortgage rates go up which make home prices drop even more and thus even more default, more people get laid off and this vicious circle keeps going. Rates are already rising.
Also around 20% of Canadian households have a HELOC with the average being 50K or so. So when they default they not only lose their house but also that car, boat, skidoo, timeshare they bought with the HELOC. Sometime before this year you could still take out helocs big enough to start businesses and purchase other property so some will lose multiple properties/businesses.
Open houses in Vancouver are not seeing anyone going.
Home sales volume has been dropping months before the tax.
https://betterdwelling.com/city/van...-rushed-a-foreign-buyer-tax-absorption-rates/
This tax is just to make the Liberals over there look good just before re-election in 2017. A housing cool was going to occur naturally anyways.
This is what our finance minister says about Toronto housing: https://betterdwelling.com/city/tor...-home-prices-rising-rates-and-foreign-buyers/
Also around 20% of Canadian households have a HELOC with the average being 50K or so. So when they default they not only lose their house but also that car, boat, skidoo, timeshare they bought with the HELOC. Sometime before this year you could still take out helocs big enough to start businesses and purchase other property so some will lose multiple properties/businesses.
Open houses in Vancouver are not seeing anyone going.
Home sales volume has been dropping months before the tax.
https://betterdwelling.com/city/van...-rushed-a-foreign-buyer-tax-absorption-rates/
This tax is just to make the Liberals over there look good just before re-election in 2017. A housing cool was going to occur naturally anyways.
This is what our finance minister says about Toronto housing: https://betterdwelling.com/city/tor...-home-prices-rising-rates-and-foreign-buyers/
The average detached home is $2.6 million, down seven per cent compared to three months ago.
What the fuck..... That's San Fran prices without the San Fran economy - that's crazy.
Meanwhile: The median household income in the region was $84,345 in 2011, according to the District of West Vancouver.
What the fuck..... That's San Fran prices without the San Fran economy - that's crazy.
Meanwhile: The median household income in the region was $84,345 in 2011, according to the District of West Vancouver.
Toronto prices are up further:
https://www.thestar.com/business/20...asingly-part-of-gtas-high-priced-housing.html
https://www.thestar.com/business/20...asingly-part-of-gtas-high-priced-housing.html
Believe it when I see it....and it should be alot more than 5%.........foreign buyers can afford at least 10-15% to wash their money in our city...
The mob would charge at least 30% anyway....
The mob would charge at least 30% anyway....
I think this tax and other potential "revenue tools" came up in the debate on road tolls last night which was approved 32-9 (or something like that).
Regarding road tolls, I like to quote one of our favourite members: "If you can't afford $2, you shouldn't be driving."
