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Realtor-candidate runs on foreign buyer concerns

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Real Estate Professional | 04 Sep 2015, 08:15 AM Agree 0
One real estate agent has seen firsthand the effects of unchecked spending by international property buyers and is pledging to do something about it
  • BC Realtor | 04 Sep 2015, 01:07 PM Agree 0
    How about foreign buyers pay a higher tax and that money goes towards lowering or eliminating the property transfer tax.
  • dzzy | 04 Sep 2015, 02:41 PM Agree 0
    Foreign investors are already taxed at a higher rate. An American citizen living in Canada that owns a house will pay a 50% capital gains tax. A Canadian their primary residence is tax free. This is all about market conditions. If an investor loses money will the government pay him back the money they lost? A free market attracts investment. People have a choice as to where they want to live. It is a big country. If one chooses a big city like Vancouver or Toronto then they will have to pay what the market dictates. All properties other then a primary residence are taxed at a higher rate when sold. And good luck with any level of government eleminating a tax. A new tax will just be a new tax in our already over taxed society. And right now we have no money for roads, teachers, police, libraries and the list goes on. What we really need are responsible governments and leaders that that are able to do more then work a toilet flusher. Which seems to be where most of our tax dollars go.
  • Old Timer | 06 Sep 2015, 04:55 PM Agree 0
    Real estate flipping thruout the country has been going on now for decades. Flippers were always taxed accordingly. Sure there were some 'loopholes' but our Government at the time chose not to close them. I didn't see any hue and cry from the public or would be buyers at any time. Recently, on the West Coast it has become a game of 'foreign investor bashing'. True, FI's have generated some 'heat in the kitchen' by paying what locals consider extremely exorbitant prices but the FI's consider our real estate a bargain. How one looks at it is dependent on the size of one's bank account. If the heat is too hot in the kitchen (r.e. market) in your area, then go and find another kitchen. Many of us can't afford a Rolls Royce or a Lamborghini. Does this mean the car manufacturer should lower their prices to accommodate us? Fat chance! Their answer would be: go buy a Ford or Chev. Something you can afford. Not all foreign investors(buyers) are flippers. If the Government of BC really wants to help Buyers, then LOWER THE PROPERTY PURCHASE TAX. This cash cow was brought in only as a CASH COW. Who is affected? All buyers in B.C. This would help more people to buy and in turn bolster our economy. The same as most people can't afford to drive a super high end luxury vehicle, so too, most buyers can't afford a super luxury home in a unique and desirable location such as Vancouver and Toronto. Complainers: suck it up! If you are too light to play the real estate game in Vancouver then move somewhere you can. I hear Langley, Surrey, Abbotsford, Cloverdale, Chilliwack Maple Ridge, Haney and Missions has much cheaper prices. People bashing has become a sport in Canada.
  • Phat Phil | 07 Sep 2015, 10:24 AM Agree 0
    I agree, homeowners in the Vancouver area have had an increase in their networth due to these increasing home prices, if they sell at the right time. It will be interesting to see if prices fall in that market when the Greenback loses steam and the Cdn dollar gets close to par, or are these FI buyers actually in Cdn r.e. for the long haul as we're a safe haven for their money. We'd happily take their money in Calgary, as our average home sale price is still quite low and oil will eventually rise again.
    One form of municipal taxes I pay in one community where I own is dependent on the type of occupancy - primary vs. Full-time tenancy vs. Vacation rental - there are three types of taxation to help local amenities get paid due to absentee ownership. I'm happy to pay my fair share of taxes as that community has 20-30% vacancies and would not have the amenities on a user-pay system so this system boosts the taxes to provide great services for the community, increasing all home values in the end.
    Lastly, we have not bought in BC due to the sale/transfer taxes... Governments need to have soecific plebiscites on such rulings. There is no way people would agree to chance hurting their primary asset by implementing such a cash-grab that it reduces the buyer pool, and therefore their home values, so much. Obviously, the FIs cushion this with the value of the dollar, but inter-provincial purchasing is dead, just look at the Columbia Valley market.
  • | 09 Sep 2015, 03:31 AM Agree 0
    The best way is to stop giving out mortgage to non-residents. Canada is the only country I know in the world that banks loan mortgage to non-residents. Get it? Everyone?!
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