Real Estate Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Report: Ottawa to close tax loophole amid reports of abuse of home ownership rules

Notify me of new replies via email
Real Estate Professional | 03 Oct 2016, 09:09 AM Agree 0
The Globe and Mail is reporting that Ottawa is preparing to close a tax loophole that's been used by foreign buyers in overheated housing markets such as Vancouver and Toronto
  • Peter B. Realtor | 03 Oct 2016, 09:31 AM Agree 0
    This rule should have been changed many years ago and will moderate pricing to a degree, more so than the fake 15% tax that is simply lining municipal pockets, fraudulently represented as a a solution to over valuation. So why aren't politicians being charged with fraud? They use the power of ambiguous comments and sucker us all into paying for it in the end.
  • robertede | 03 Oct 2016, 10:39 AM Agree 0
    again ... the intermingling of terminology of "resident" vs "status"(citizen/landed) . Last week Canada had talks re reciprocal extradition .... isolated announcement today?
  • Peegee | 03 Oct 2016, 12:24 PM Agree 0
    If the buyer becomes the occupant AS AN IMMIGRANT then no surtax should be charged. If on the other hand s/he (or a corporation)ust buys it for an investment - including it being a place for the kids to live while at school - )then charge the surtax. The key word heer is "immigrant."
  • Kitty | 03 Oct 2016, 01:18 PM Agree 0
    More BS to hurt the honest Canadians who slaved away and paid top dollar for their home. This will only serve to reduce the offers that the foreign buyer is will to pay just means a better deal for them.
  • Doug t | 03 Oct 2016, 03:52 PM Agree 0
    This is hilarious!

    Housing prices have soared in recent years in Toronto and Vancouver, fuelling speculation that foreign ownership is driving up prices

    Really? Are you sure? When entire neighborhoods have completely disappeared due to non-resident purchasers, no kids in the local schools? no pizza deliveries? no kids playing outside? curtains are permanently closed? security company signs dot the landscape? Are you sure that it isn't ZOMBIES buying all these properties? there is NO warm blood in them thar homes...period.
Post a reply