Majority of BC supports absentee homeowner tax

A recent poll by Insights West says that 73% of people polled believe that levying a tax on those who buy homes in BC but don’t live in them is a ‘very good’ or ‘good’ idea.

It also suggests this sentiment is strongest among residents of Metro Vancouver (77 per cent), people aged 18 to 34 (76 per cent) and those in the highest annual household income bracket (76 per cent.)

Mario Canseco, vice-president of public affairs at Insights West, says it shows that even homeowners, who stand to make a lot of money on the resale of their home as foreign ownership drives up prices, are concerned about the negative effect on the community.

For instance, 86 per cent believe that absentee homeowners are speculators and not really part of the community, and that number jumps to 92 per cent for those with higher incomes.

That’s despite a high number of homeowners (76 per cent) saying they believe when foreigners buy homes the value of their properties go up.

“To have (developer) Bob Rennie tell you that a condo is the best thing to do is kind of like having the CEO of McDonalds tell you that their burgers are nutritious and they are the only thing you can afford,” Canseco said in an interview.

They also addressed the racism angle by breaking down responses by ethnicity and asking if they feel that the debate on foreign real estate ownership in BC is inherently racist.

They only divide ‘ethnicity’ into ‘white’, ‘east asian’ and ‘south asian’ because … ?

Read the full article over at the Vancouver Sun.

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history
Guest
history

There is a big push on by McDonalds to upgrade the image of their food…. get yourself down to Ronald McDonald house for the speech.

w
Guest
w

Looks like patriotz is wrong again. Even though the majority are home owners, the majority still wants a foreign ownership tax.

patriotz Says:
May 13th, 2015 at 3:57 am 35
@34:

She’s alluded to this before (in that Okanogan byelection) and she’s now made it perfectly clear. BC has a bubble economy based on inflated house prices, she’s taking the side of the 70% who already own, and the other 30% can take a hike.

And why not? There are only a few ridings in the province where homeowners aren’t the majority of voters.

would-be buyer
Guest
would-be buyer

Vancouver SFHs have become the equivalent of buying a winning lottery ticket.

http://www.yattermatters.com/2015/06/records-and-feelin-the-blues-in-vancouver/#more-38879

Shut It Down Already
Guest
Shut It Down Already

Why not link to the original source instead a newspaper article about it?

http://www.insightswest.com/news/british-columbians-support-implementing-an-absentee-homeowner-tax/

It has the raw data, too. Note that it was an online poll, so possibly there’s a degree of self-selection bias. It’s not clear if they hosted it on their “your insights” website which also asks people about their belief on UFOs.

Egg Hunt
Guest
Egg Hunt

Why not charging all capital gains from real estate sale 25%
regardless of the residency of the owners.
Then, give “resident rebate” to those who provided CRA Notice of Assessment, also make it mandatory to submit their spouses and adult children, and their address.

Same as whet Non-residents do, after all is cleared, clearance certificate to be issued bt CRA, 25% tax withheld is returned to the resident home owners.

Apprently, spouses, children those who claim another house in different location as principal residence in check, just as easy.

Do the income and asset test on every income tax return, investigate any legal (or illegal included) suite in the house, and not reporting rental income, etc etc.

Are those that difficult to do?

dataman
Guest
dataman

We need data. Who are buying the houses, what leverage, what down payment. Foreign or not, is just a data point. How can prices keep rising with all economic shocks around. At least get data to explain. Data to take actions. To know how vulnerable is BC. Flying blind is dangerous. Even if data proves foreign ownership is low. Public needs to understand how prices are so high with no visible industries supporting them. The missing link.

Shut It Down Already
Guest
Shut It Down Already

“Public needs to understand how prices are so high with no visible industries supporting them. The missing link.”

Historically low interest rates and historically high levels of debt. Lack of diversification because “real estate always go up”, and an inherent distrust of other asset classes (see the survey link above!) and bankers in general.

Occam’s

Corrupt in Canada
Guest
Corrupt in Canada

What we really need is a capital gains tax, if you sell in 1 year 40% on the gains, 2-5 years 35% 5-10 years 10%.

See how many flippers heck even non-flippers, local or foreign would still buy at this rate we have now.

Trump-light
Guest
Trump-light

Just started to rain in Vancouver this afternoon, probably going to rain until next year now. When the foreign money comes they will see the rain and leave in droves…

This time prices will crash! (boom!)

I will rise from the basement and move into the mansion of my dreams, for pennies on the dollar…

I think I see a spider, gota go…

Garth
Guest
Garth

How dare you guys support a tax on foreign RE purchases. You are all racists.

If approved, it will have no effect as foreign purchasers are a extremely small part of the market. Vancouver barely has any foreigners and is like it was 25 years ago. Approve this tax and I’ll fight it tooth and nail, even though it won’t have an impact.

vangrl
Member
vangrl
Pete McMartin: We don’t have enough facts about foreign ownership of real estate Read more: http://www.vancouversun.com/business/Pete+McMartin+have+enough+facts+about+foreign+ownership+real+estate/11100494/story.html#ixzz3bum7JBf3 Martin – “Don’t have enough facts? Good Lord.. Every single city has a database program that keeps tabs on every single property in that city. It shows: – Land Value. – Property Taxes. – Complaints Against the property. – Where the owner primarily lives. Think about it, when a city comes collecting for property taxes, they don’t send the bill to a vacant house.. no no no, it goes to the address of wherever the owner is. Now these databases can be query’d to extract out just how many owners live in the city and how many don’t. They can also query WHERE the owners are, for example, placing CHINA into the search will query all those owners who have addresses in China. So… Read more »
George
Guest
George
The Insights West survey is most interesting because I was somewhat shocked to see such high level of support for the tax from homeowners. But the second-most interesting thing about it is how the article tried to play up the racism angle, even though the numbers didn’t really justify it. Right in the headline it says “some find foreign ownership debate racist”. In the first paragraph it says “many residents of East Asian descent believe the debate on foreign ownership is racist”. That sentence gives you the impression that opinions are divided along racial lines. Then you drill down to the numbers: “Broken down by race, the numbers were similar across the board for Caucasian, South Asian and East Asian respondents, with a majority thinking a tax is a “very good” or “good” idea. A higher number of South Asians… Read more »
say whaaaa?
Guest
say whaaaa?

Somewhat off topic (and perhaps insane), but the recent lack of posts from Patriotz supports my thesis that he is, in fact, Garth. Now that the consensus seems to be clear that foreign ownership IS an issue (not discounting the influence of ultra-low rates and the collective madness of crowds, to be sure), he’s discontinued his sock-puppeting. Or maybe he’s on vacation, who knows?

Shut It Down Already
Guest
Shut It Down Already

13, obviously patriotz was also tedeastside 😉

elvince
Guest
elvince

@Egg Hunt “Are those that difficult to do?”

Yes. As I said before, one can simply incorporate a company whose sole asset is the house, and then the company can be bought and sold. That’s already being done for any large piece of RE to avoid property transfer taxes. Your suggestion merely lowers the threshold at which it’s better to incorporate.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Is it time to leave Vancouver?

Mudslinging against millennials ignores reality

http://www.vancourier.com/opinion/is-it-time-to-leave-vancouver-1.1953813

VanRant
Member
VanRant

“Earlier this year, the Paris-based Financial Action Task Force reported that Australian real ­estate was a favoured destination for proceeds from corruption, particularly from China.
“Large amounts are suspected to be laundered out of China into the Australian real estate market,” the report notes.
Chinese investors are expected to pour about $60 billion into Australian housing over the next six years, more than double the $28bn spent in the previous six, according to researchers at Credit Suisse.”

Change “Australia” to “Vancouver” and I hope the Canadian government will do something about it instead of hiding under a rock.

VanRant
Member
VanRant

Just got back from a tour of China. Got a sense of extreme outrage from the 1.4 billion Chinese about the elites and rich who are trying or have fled the country with their money. The government has to stop it and repatriate the money if it is to survive so expect lots of activities having to do with illegal money laundering and missing officials in coming months.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@VanRant

yup. checkout the comments chinese people left on this story about young chinese street racing in Canada.

http://www.chinasmack.com/2011/stories/rich-chinese-youth-fined-in-canada-claim-westerners-jealous.html

If all of China’s officials and rich people could immigrate to Canada, how clean this land would be!

Disgusting parasites!

Canadian police should jail them for a hundred years for jeopardizing public safety and help this society by castrating all of them so future generations won’t have idiots.

Westerners don’t care what your daddy does in China! Serves you right! You should have died in an accident! ( this comment seemed naive to me )

Rich second generation, corrupt second generation. [Note: “Rich” and “Corrupt” in Chinese are near homonyms.]

RFM
Guest
RFM
The VANCOUVER REALTOR HUNGER INDEX is the percent of realtors who earned no commission income for the stated month. For May 2015 the VRHI was 38%. How does this compare? The 18-year average for May is 37%. At 38%, the 2015 May VRHI was higher than 7 years, the same as 1 year and lower than 9 years since 1998. Seasonally low inventory and strong demand forces already high prices higher, especially in single family homes, where the HPI reached a stratospheric $1,104,900. For a complete analysis of the market dynamics of this firestorm, consult the DSM-5! (The Diagnostic and Statistical Manual of Mental Disorders (DSM-5), published by the American Psychiatric Association, offers a common language and standard criteria for the classification of mental disorders.) Details and comparison data for 18 years at: http://vancouverpeak.com/showthread.php?tid=64
DaMann
Member
DaMann

So I understand they are trying to put another bike lane on the Burrard street bridge? My god this mayor is a world class idiot. Is one empty lane not enough? Now they want it on both sides? The one lane as is is barely used and traffic going south bound is brutal now. Now we can enjoy it both directions. I have no words. Green city my ass. Let’s inconvenience everyone at the expense of a few to show how green we are and then let them tear down perfectly good houses and grind them up and throw them in the landfill. Yup, very green.

How about more dedicated bus lanes that actually, you know, move lot’s of people around. Now we will have two lanes on a bridge that get pretty much zero usage 9 months of the year.

mark
Guest
mark
“The rush to get money out of China has now reached almost three times the amount of money being invested in China. According to official Beijing statistics, inward investment was $119 billion last year.” “It has taken it years to pluck up the courage to say that it is torrents of money from China that is distorting Vancouver’s economy.” “Well, doubtless some are attracted by the geography. But a much greater draw is that Canada and British Columbia are open doors without gatekeepers or much in the way of rules or regulations impeding wealthy Chinese anxious to find a safe haven for their assets. Other favoured destinations with the rule of law and respect for private property, such as the U.S., Australia and much of Europe, impose stringent restrictions and requirements on foreign investors or property buyers. Canada, on the… Read more »
Best place on meth
Member
Best place on meth

@18

“Got a sense of extreme outrage from the 1.4 billion Chinese about the elites and rich who are trying or have fled the country with their money. The government has to stop it and repatriate the money…”

The “government” and the “elites and rich” are the same people in that corrupt shithole.

Obviously the 1.4 billion Chinese aren’t “outraged” enough to overthrow these gangsters pretending to be a legitimate government.

Every single member of the communist party should be shot. Top gangster Jinpig should be saved for last.

Best place on meth
Member
Best place on meth

@11

Pete McMartin: another lowlife race-baiter who brings racism into legitmate discussions about foreign money, because he profits from it.

It seems to me that most, if not all of the public race baiters in this debate are boomers, including Turncoat Turner – the professional money manager and HAM denier.

What a coincidence that the most privelidged and self-entitled generation in this country’s history would favour the Red Nobility over the younger generations of Canadians.

And to think these people used to be hippies, full of love for their fellow man.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

>Obviously the 1.4 billion Chinese aren’t “outraged” enough to overthrow these gangsters pretending to be a legitimate government.

they’ll snatch you off the street, execute you in secret, sell your organs all the while your family doesn’t know what happened to you. i wouldn’t try to overthrow them either.

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