Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
Four months after having its hand slapped by TREB, this online brokerage is closing its doors.
The tax is a good thing, BUT the way it was brought in is a BAD thing. There was no warning, no grandfathering nothing. The results are going to have a negative impact on any contracts no closed yet. The sad part is what happens to the Sellers of that property, who were probably residents of Canada, they most likely went on to write an offer and purchase a property based on their sale. They won't be able to close and thus creates a domino effect.... the people they bought from will be in the same situation etc..... I agree with the tax, but not how it came on with no warning or empathy for people who have now been induced by the government to break their legally binding contracts.
I am a realtor form another province and I don't do business in the Vancouver market place, however to phase in this new tax would be much more appropriate so Buyers and Sellers would have been aware before they enter into a binding, contract rather than creating huge difficulty for deals that are already underway.
Hi to all The politicians behind this tax have no clue about how easy is to have an address in Canada.Relative, Friends or even the Real Estate salesperson may allow them to use their address.Even if 15% tax works, it is a fast solution to the problem, like bandage to a butcher knife cut.What happens when the economy will change and we need the foreigners to invest in Canada?We have to find a better way to find out who the foreigners are. One way is, to find out who is buying property without financing, since the foreigners cannot get financing so easy. We have to respect them and thank them, and then make sure that foreigners pay their income and capital gain taxes according to Canada Revenue roles and regulations.
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