Jump to content
The Official Site of the Vancouver Canucks
Canucks Community

BC Introduces New 15% Foreign Buyers Tax - Update: Student Files Class Action Lawsuit


DonLever

Recommended Posts

On 2016-07-25 at 10:28 PM, Realtor Rod said:

It's criminal. As a seller, who could lose my deal I would be pissed. Why not implement in November, or grandfather. It doesn't make any sense. 

Not feeling too sympathetic when these deals are driving up property taxes for people like my Dad (seniors) who just want to stay in their homes.  They are deeply impacted by these outrageous deals and it puts them in a vulnerable state as they struggle to pay inflated property taxes as a result.  So sorry?

 

So their million dollar deals fall through.  Most bought their homes for a fraction of that.

 

It's criminal that people are having bidding wars and then flipping houses in some sort of game.  Not to buy "homes", but property to make a quick buck from.

 

None of it makes sense....so this is just the culmination of it all.

Link to comment
Share on other sites

8 hours ago, taxi said:

Clark should have done something at least 2 years ago.

Exaxtly. She is only doing it now to save her bacon for re-election. If these problems were addressed 2-3 years ago we wouldn't be in this situation today. And if zoning bylaws and development permit application were also changed years ago we'd have ample supply right now to cover demand. This last year of 30-40% price increase would have never happened if Christy had acted sooner. The fact that Mike De Jong apparently owns 7 properties should explain a lot about why nothing was done until now. 

Link to comment
Share on other sites

12 minutes ago, Realtor Rod said:

A realtor friend just called me to say her 1.4 million dollar deal has to move dates up to end of July for PTT. I have heard of over a dozen deals going sideways that were already firm. The courts are going to get busy as people fight over deposits.

 

Imagine if you had a deal in May to sell your home. It was scheduled to close in mid August. You then bought a new home for that time and put 75k down. Suddenly, your foreign buyer says we can't afford to complete with the advanced PTT and we are collapsing. Now, you have no deal, you have to fight for that deposit and you will have to fight to keep your own with no guarantees.  

So basically Christy screwed the local home owner by going after the foreign buyer, all at the same time. Wow what a Princess she is. I wonder what she would have done if that was her house she was selling or one of Mike De Jong's 7 properties. 

Link to comment
Share on other sites

3 minutes ago, debluvscanucks said:

Not feeling too sympathetic when these deals are driving up property taxes for people like my Dad (seniors) who just want to stay in their homes.  They are deeply impacted by these outrageous deals and it puts them in a vulnerable state as they struggle to pay inflated property taxes as result.  So sorry?

 

So their million dollars deals fall through.  Most bough their homes for a fraction of that.

 

It's criminal that people are having bidding wars and then flipping houses in some sort of game.  Not to buy "homes", but property to make a quick buck from.

 

None of it makes sense....so this is just the culmination of it all.

The government sets property tax, not buyers or sellers. They could easily have kept them the same. 

 

Most bought them for a fraction? Where is that coming from? Maybe your parents but very few bought for a fraction.

 

Capital gains stops the flipping game and the bidding war takes a LOT of the flip potential out. 

 

Why shouldn't someone be able to buy anything on the free market and sell for a profit? Cell phones, boats, cars, pets etc. That keeps the economy stimulated. I am not happy with pricing as it is. However, your dad's beef should be with the tax authority.

Link to comment
Share on other sites

13 minutes ago, Realtor Rod said:

It's criminal. As a seller, who could lose my deal I would be pissed. Why not implement in November, or grandfather. It doesn't make any sense. 

Any deal already subject free should be exempt. She's screwing the local home owner who is trying to sell as well as the foreign home buyer. 

Link to comment
Share on other sites

1 minute ago, Harvey Spector said:

So basically Christy screwed the local home owner by going after the foreign buyer, all at the same time. Wow what a Princess she is. I wonder what she would have done if that was her house she was selling or one of Mike De Jong's 7 properties. 

It's going to get ugly. It already is. I just spoke with a vancouver broker. Sounds like a lot of pissed off buyers and sellers. 

Link to comment
Share on other sites

2 minutes ago, Realtor Rod said:

It's going to get ugly. It already is. I just spoke with a vancouver broker. Sounds like a lot of pissed off buyers and sellers. 

I'm meeting up with my Realtor friend tomorrow as we're working on a deal together. She Chinese and works the Westside and Richmond. She works with offshore clients. I'm gonna get the scoop from her on what's going on over on the Westside. Tomorrow should be an interesting day. 

Link to comment
Share on other sites

9 minutes ago, cabinessence said:

But since only a small per percentage of homes are foreign owned it should make such a difference, right????? Why would it upset the real estate industry.  Cue The White Stripes and The Doors.

Small percentage but large dollars. 

Link to comment
Share on other sites

11 minutes ago, Harvey Spector said:

I'm meeting up with my Realtor friend tomorrow as we're working on a deal together. She Chinese and works the Westside and Richmond. She works with offshore clients. I'm gonna get the scoop from her on what's going on over on the Westside. Tomorrow should be an interesting day. 

Interested to hear another view, let us know.

Link to comment
Share on other sites

24 minutes ago, Realtor Rod said:

The government sets property tax, not buyers or sellers. They could easily have kept them the same. 

 

Most bought them for a fraction? Where is that coming from? Maybe your parents but very few bought for a fraction.

 

Capital gains stops the flipping game and the bidding war takes a LOT of the flip potential out. 

 

Why shouldn't someone be able to buy anything on the free market and sell for a profit? Cell phones, boats, cars, pets etc. That keeps the economy stimulated. I am not happy with pricing as it is. However, your dad's beef should be with the tax authority.

Property taxes are set based on property values.  That's being determined in this game of Monopoly and you make it seem like they have nothing to do with the market.  Of course they do.

 

The buying and selling of property is having an impact on many things...schools are closing with enrollment down.  People are being renovicted due to greed.  Businesses are suffering because property values are too high.

 

Many buying property here just leave it sitting empty as an investment.  It's a little different than buying a boat or phone.  So many things are happening that need attention and when people aren't happy and are leaving in droves, it's something to look at.

 

There is a bigger picture that you're not seeing. 

 

People CAN buy anything they want, but there are regulations for a reason.  And if people are making tons of money they can obviously afford to pay their dues.

Link to comment
Share on other sites

Quote

Most bought them for a fraction? Where is that coming from?

 

 

Stats.  Groups that compile and share them.

 

In Richmond, hell yeah.   I'd be happy to share some if you'd like?  Actually, I'm sure you know.  I can't be bothered.

 

But people aren't buying homes here to live in.  They're buying property to profit from.  And it's time to pay some dues in relation to that, not just cash in and out.

Link to comment
Share on other sites

Seems like this may not extend to the PTT exemption when purchasing new developments. Foreign investors will just buy up all the inventory of brand new condos instead lol

 

Actually same rules will apply. NVM lol.

Link to comment
Share on other sites

35 minutes ago, Realtor Rod said:

It's going to get ugly. It already is. I just spoke with a vancouver broker. Sounds like a lot of pissed off buyers and sellers. 

Undoubtedly that is true for people in the process of buying and selling right now but the vast majority of the public don't care about that.  Not too many people are going to shed tears over them.   They are still going to get good money.  And how many people are we talking about anyway?  A few hundred?

 

Most people are more concerned the future price of real estate, hoping prices go down.

Link to comment
Share on other sites

2 minutes ago, debluvscanucks said:

Property taxes are set based on property values.  That's being determined in this game of Monopoly and you make it seem like they have nothing to do with the market.  Of course they do.

 

The buying and selling of property is having an impact on many things...schools are closing with enrollment down.  People are being renovicted due to greed.  Businesses are suffering because property values are too high.

 

Many buying property here just leave it sitting empty as an investment.  It's a little different than buying a boat or phone.  So many things are happening that need attention and when people aren't happy and are leaving in droves, it's something to look at.

 

There is a bigger picture that you're not seeing. 

 

People CAN buy anything they want, but there are regulations for a reason.  And if people are making tons of money they can obviously afford to pay their dues.

I agree with what you are saying Deb. But what is happening right now is government pandering to the masses for free votes come next election. There are a lot of things that could have been done years ago to make sure the current real estate market didn't get this crazy. People like Bob Rennie have been clamouring for zoning bylaws and waiting times for development permits to change for years. Also offshore clients have been buying in Vancouver since the 1990's. There has been ample time to implement foreign buyer taxes, vacancy taxes, etc.  

 

At the end of he day with proper government regulation and intervention years ago we'd never be in this state today. Not to mention CRA and other areas of govt. as well as the big banks who have turned a blind eye to all the money laundering and corruptionn that has been going on for the past 20 years. If we had more competent people working at CRA and if the big banks weren't so corrupt we'd be in much better shape as a society. I've always said the banks are "legal" criminal organizations. They are basically the same as my Italian mobster friends only the government condones their criminal activity. 

Link to comment
Share on other sites

It already is ugly.  

1 minute ago, Harvey Spector said:

I agree with what you are saying Deb. But what is happening right now is government pandering to the masses for free votes come next election. There are a lot of things that could have been done years ago to make sure the current real estate market didn't get this crazy. People like Bob Rennie have been clamouring for zoning bylaws and waiting times for development permits to change for years. Also offshore clients have been buying in Vancouver since the 1990's. There has been ample time to implement foreign buyer taxes, vacancy taxes, etc.  

 

At the end of he day with proper government regulation and intervention years ago we'd never be in this state today. Not to mention CRA and other areas of govt. as well as the big banks who have turned a blind eye to all the money laundering and corruptionn that has been going on for the past 20 years. If we had more competent people working at CRA and if the big banks weren't so corrupt we'd be in much better shape as a society. I've always said the banks are "legal" criminal organizations. They are basically the same as my Italian mobster friends only the government condones their criminal activity. 

So you have to start somewhere?

 

Don't get me wrong...I do know it's pandering.  But, it's also obviously been made aware that the average Joe here isn't happy and screaming for something to be done.  Even baby steps get us moving.

 

The Government is slow to react because.....they get a piece of the pie.  They're being bought and sold. 

 

But the constant murmur as people are unsettled and being forced out, with their children having no chance here, is at least causing a discussion.   A disruption.

 

I'm not holding my breath, but any move to stop the insanity is alright by me.

 

Link to comment
Share on other sites

1 minute ago, debluvscanucks said:

It already is ugly.  

So you have to start somewhere?

 

Don't get me wrong...I do know it's pandering.  But, it's also obviously been made aware that the average Joe here isn't happy and screaming for something to be done.  Even baby steps get us moving.

 

The Government is slow to react because.....they get a piece of the pie.  They're being bought and sold. 

 

But the constant murmur as people are unsettled and being forced out, with their children having no chance here, is at least causing a discussion.   A disruption.

 

I'm not holding my breath, but any move to stop the insanity is alright by me.

 

I have it on good authority that Mike De Jong owns 7 properties. I'm sure he's personally not interested in this ride ending anytime soon. But as a politician who needs to get re-elected he's finally given in and is listening to his constituents  I'm sure he will be the first one in line to put his 6 rental properties up for sale. I should give him a call actually. He's probably signing the listing contracts as we speak. 

Link to comment
Share on other sites

7 hours ago, Harvey Spector said:

I have it on good authority that Mike De Jong owns 7 properties. I'm sure he's personally not interested in this ride ending anytime soon. But as a politician who needs to get re-elected he's finally given in and is listening to his constituents  I'm sure he will be the first one in line to put his 6 rental properties up for sale. I should give him a call actually. He's probably signing the listing contracts as we speak. 

To Mike's credit, he is one of the most fiscally responsible individuals I have ever met. I am not a fan of his, but he undoubtedly knows how to manage his money. 

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...