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

Agent supports new tax, but does he believe it will make a difference?

Notify me of new replies via email
Real Estate Professional | 27 Jul 2016, 08:15 AM Agree 0
A Canadian agent -- who also operates in Hong Kong -- agrees with the recently announced 15% tax on foreign buyers in British Columbia, and believes a similar tax is coming to Toronto
  • Leafs Rule 67 | 27 Jul 2016, 10:42 AM Agree 0
    As supply and demand always will rule the day this is a bad tax. Also, as with every tax, a legal way around this likely exists for example by placing a Canadian family member or friend on with title and take back a large mortgage to protect the interest this probably goes around the title issue. So this may already be the solution (get legal and tax advice before implementing) . Thus, I hope all vendors of properties ie current and future home owners vote out the government since if it does lower the price then the current home owners get burned by this tax grab. So its bad business, bad tax policy and silly. I hope it doesn't come to Ontario and if Wynne decides to put it on, I hope all home owners vote out the current government and the next government removes this at once. But sad to say, once a tax is imposed most governments are unlikely to reduce the tax as they over spend and need money.
  • Me | 27 Jul 2016, 11:31 AM Agree 0
    While the tax might make sense in Vancouver, where there's limited space, it makes no sense for Toronto. All it will do is slow down sales (economic activity) in the high price neighbourhoods and has nothing to do with the supply problem causing prices to skyrocket across the board. The Greenbelt Act(s), the over-regulation (as noted in the other article), influx of immigrants from small towns, other provinces and abroad among other things. BUT - it will sell well with a disingenuous sales pitch eh? MAKE THE RICH PAY they'll chant - to the screaming hordes of backers!!

    It's subtle but important policy issues like this that causes Socialists to wreck societies. When you add in things like the abuse of the Forfeiture Act - taking the homes of innocent ppl to pay their bills, or the abuse of the Environmental Act to go after innocent companies and chase away 10s of millions in business, to the Regulators over-regulating and even seeking to regulate the private market out of existence, and the humungus debts etc etc - you drive the economy into the ground!
  • J-Jan | 27 Jul 2016, 12:44 PM Agree 0
    I think ...through analysis ... by adding 15% tax to the foreign buyers ... Government (Municipalities) will benefit ... that won't address blow up prices ...Municipality must release the lands that can be built .... this matter has been analyzed and it seems to be the only way to bring the matter under control....hope a petition or form can be created to pressure the municipalities ...
  • Oscar Vidal-Calvet | 27 Jul 2016, 01:47 PM Agree 0
    For over 21 years I am a realtor in Toronto , and I always have opposed the Provincial and Municipal Land Transfer Tax, but in this case, yes, I do believe this new Land transfer tax will make a difference in B.C. First of all it is a Tax protecting Canadians and Canadian residents against foreign speculators and non residents. This tax will not stop prices going up but it will slow it down; it will help to tell greedy and unscrupulous investors to think twice before going into their next venture, and if this tax is applied in Toronto aiming to protect Toronto and Canadian residents I will welcome it and whatever use and destination those moneys have as long as benefit the people, will be ok with me.
  • | 30 Jul 2016, 10:12 AM Agree 0
    Lets get rid of Wynn before she gets her hands on this.
Post a reply