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Real Estate Professional | 05 Aug 2016, 08:15 AM Agree 0
We asked our readers what they think about the new 15% tax on foreign buyers in Vancouver. The results are in – and they may surprise you
  • Realtor | 05 Aug 2016, 10:46 AM Agree 0
    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.
  • | 05 Aug 2016, 11:55 AM Agree 0
    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.
  • Shawn Laghai | 05 Aug 2016, 12:07 PM Agree 0
    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.

  • | 05 Aug 2016, 05:02 PM Agree 0
    Hello to all, as a long time Real Estate agent in Greater Vancouver unfortunately the politicians take advantage of any thing to use as a Cash Cow for Government, if they want cool down the market to help the local citizens, they should put a cap on number of properties that any foreigners can purchase in Canada or BC, the similar rules in many other countries, this tax only make it harder for local residence and our kids and grand kids to live in Vancouver, this tax is not the solution's to the problem, it is only remedy to cool down the angry local citizens who don't have experience in Real Estate Market from the Government for they negligent in past decades, please force the Government to put the cap on number of properties the foreigners can buy in Canada or in BC, and you can see the result.
  • judy | 15 Aug 2016, 02:23 PM Agree 0
    This tax was a big mistake, the Liberals may just have killed the Golden Goose that has kept our provincial economy going when our own residents were buying properties outside the country ie: the hordes who bought in the USA over the past 10 years. Can you imagine the hue and cry there would have been if such a tax had been imposed on our nationals by the USA????? Are they complaining about the whopping profits they have made on homes in the Sunbelt with rents, market appreciation, and exchange????
    You move to where you make enough money to live the lifestyle you want - instead of whining and expecting someone else to pick up the tab!
    Or......lower your expectations, it is plain and simple math!!!! This tax is just like the "Head Tax" that our governments apologized for only a few short years ago.
    I would not blame anyone for cancelling their home-buying trip to Canada, re-packing their bags AND cash, and heading to a country that welcomes them!!!
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