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Agents angered by calls to tax flippers

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Real Estate Professional | 27 May 2015, 03:13 PM Agree 0
A call to tax property flippers is being labelled “anti-business” amid protests by local Vancouverites who say the provincial government needs to step up affordability in the city.
  • | 27 May 2015, 04:23 PM Agree 0
    Tax this. Tax that. Don't we have enough taxes? Take a look at Italy, Spain and Greece. There you go, a perfect example of government control of people's spending and over taxation. It's either that or communism. In either case, it's a recipe for turning Canada into a third world country and major cities into something akin to Detroit. I sympathize with people who can't afford Vancouver housing, but then why are you staying there? It's a free country with many options. Move!
  • judy | 27 May 2015, 04:33 PM Agree 0
    I sure get tired of all of these folks who say my "chosen" place to live is unaffordable and, someone fix my problem(looking for handouts or taxing others)......
    Here are a few solutions to that problem: move to a town you can afford to live in, scrimp and save and educate yourself to get a better job so you can pay for what you want - where you want or settle for what you can afford and take in room-mates. There are far too many people who feel "entitled" for whatever reason in our country.
    Don't expect the people who have worked hard and gone over and above to make a living to sort it out for you!
  • diva12 | 27 May 2015, 04:50 PM Agree 0
    tax on flippers and tax on foreign investment are sound vehicles for the government to generate income. It is not now nor has it ever been a deterrent to foreign investment or flippers (look at the cost of money - are you kidding). Canada is now and has been for a long time considered a "safe haven" for international money. Investors have always considered our economy stable - as it is, and the government stable - as it is. suggesting that a tax will drive investors away is ridiculous. I have see more mega houses and condos sit empty for years. it sounds to me that the person espousing this notion is greedy and has found himself on a yummy and very lurcrative international investment pony and does not want to share.... shame on you....
  • judy | 27 May 2015, 05:15 PM Agree 0
    With regards to the last posting. After being a landlord for decades, if you saw how the quality of tenants has deteriorated over the past 20 years, you would understand why the owners leave these houses and condos empty!
    It's as simple as spelling: P-I-G-S.....
  • | 27 May 2015, 05:52 PM Agree 0
    wow !!!! surprised by the anger, long term clients, good community relationships what happened to all that. It will just be a Capital Gaines Tax and why not most business people pay that and they will have loads of write offs. I say calm down Realtors and think locally be a hero support you community and not a hay maker why the sunshine. Why not plant great clients in communities for a long term business strategy.
  • | 27 May 2015, 06:25 PM Agree 0
    we need a government who knows a real way to gain revenue not just TAXING THIS AND THAT. Imagine if our country was to turn into a welfare minded one, and not much business activity, whom could the government tax then?
  • | 27 May 2015, 07:40 PM Agree 0
    If the CRA finds that you have "flipped" a property (of any kind) you will pay tax as if you are running a business, it is not a capital gain and it is not exempt income. It's called "Adventure or Concern in the Nature of Trade". It has been the law since at least 1926 and it has never stopped anyone from flipping properties. Any additional taxes would be difficult to justify.
  • Joan | 27 May 2015, 09:02 PM Agree 0
    A tax on flipping is counter-productive. Also, not all flippers make money on the deal. Sometimes the new Buyer has a change in life circumstance or they learn something about the property - like the previous owner died tragically nearby.
  • CRA_hater | 27 May 2015, 09:40 PM Agree 0
    All we ever hear is tax tax tax! How about a tax on the CRA and Politicians. Take the lot and swing a rope over a tall tree branch. They are leaches and cowards! If you work for the CRA, quite and get a real job or start your own business and find out how hard it is out there. Dig your snout out of the Canadian Citizens wallet. Oink Oink!
  • Broker Steve | 28 May 2015, 08:29 AM Agree 0
    Governmental controls and taxes against rampant speculation?.... no fear, the market in Van will like everywhere else, sooner or later sort itself out.

    What's that noise? Do I hear a bubble bursting.
  • Karma | 01 Jun 2015, 11:42 AM Agree 0
    Canada is the only country that refuses to track the level of Foreign of Investment in our Residential Real Estate. UK, US, Australia all do it. This is so the government can turn a blind eye to the problem. Residential Real Estate should not be a vehicle for foreign investors. It is not free trade when 2 parties are highly unequal. You cannot expect a young couple starting out, to compete with a wealthy overseas investor, who needs to get his money out of his unstable economy or diversify his portfolio.
    The government should be serving the interest of it's citizens not the corporate and foreign investors. There are no long term benefits from having foreigners own Residential real estate. Just look at the UK where hardly anybody who works in London can afford to live there. In Canada we have a chance to not to make the same mistake, build a society for it's citizens, look at the way Denmark looks after it's citizens.
    Many people, including myself, are benefiting from the price growth in residential real estate, but it's not just about me is it? Let's put our greed aside and build a stable and just society. No job slaves commuting up to 3hrs per day, working for corporations that are always looking to replace them with low cost overseas workers. If we don't step up, we will all suffer because this country will be unrecognizable in 10 years.
  • | 01 Jun 2015, 12:45 PM Agree 0
    When the government tries to manipulate the market, we lose freedom. Investing in and flipping real estate is a substantial risk for the buyer since no one has a crystal ball, and any number of factors could affect the market. I know many "investors" who were wiped out in 1990-91. There are others in Alberta today that could end up losing hundreds of thousands of dollars when the dust settles.

    Any government that enacts a "flip tax" is only pandering to the entitlement generation of millennials.
  • | 01 Jun 2015, 12:45 PM Agree 0
    When the government tries to manipulate the market, we lose freedom. Investing in and flipping real estate is a substantial risk for the buyer since no one has a crystal ball, and any number of factors could affect the market. I know many "investors" who were wiped out in 1990-91. There are others in Alberta today that could end up losing hundreds of thousands of dollars when the dust settles.

    Any government that enacts a "flip tax" is only pandering to the entitlement generation of millennials.
  • | 01 Jun 2015, 03:40 PM Agree 0
    I respect the people who are against Tax to foreign investors. Foreigners are parking their money in Canada and they can wait 5 to 15 years and become biggest gainers, why their currency always d evaluate.
    Foreigners will gain Double dip one via 'Park their money in Safe Country, one of the best city in the world, strong Currency' and Second huge profit.
    Poor locals who help to built Vancouver can't afford because of foreign real-estate Tycoons. Vancouver local municipality and BC provincial govt. should Tax the foreign buyers at least 35% more property tax upfront on their purchase price to help Local towards affordable housing and Federal Govt. will tax in the end via Income tax. It will filter the foreigners to take undue advantage for the Locals.
    Arvind Sund
    Realtor
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