Foreign buyer tax hurts blue collar immigrants in the Fraser Valley?

Business in Vancouver has an article predicting that the BC Foreign buyer tax will hurt blue collar immigrant workers in the Fraser Valley, which is weird because we were under the impression that the tax was on the Metro Vancouver area and the valley was exempt:

Rob Philipp, chief executive officer for the Fraser Valley Real Estate Board (FVREB), said that while the new tax is aimed at high-end buyers, it’s only going to hurt the working-class immigrants who are trying to move to the region. He called the Fraser Valley’s immigrant population “the engine that drives us.”

“The people who are buying on the west side of Vancouver, they don’t really care about an extra 15% tax. If you’re buying two-, three- or four-million-dollar homes, they want into the market regardless.”

Philipp said the new tax also dampens the incentive for skilled out-of-country workers to settle in the region.

“As a province we’re trying to recruit really specialized professionals – doctors, nurses, certain types of engineers,” he said. “And those are people who are spending $800,000 to buy a place out here and now they’re thinking, ‘Well, I have to spend another $120,000. I’m not going to do it.’”

The other odd thing is that if skilled out-of-country workers actually ‘settle in the region’ and file a Canadian tax return they are exempt from the foreign buyer tax, so we’re curious how it would dampen incentives to move here any more than paying $800k for a house out in the Valley would.

Read the full article here and please correct us if we are mistaken about how the foreign buyer tax actually works.

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OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE
Oracle
Guest
Oracle

And regarding that girl student buyer in the last thread (the one who bought a $560,000 townhome with 10% down).

How does a student who just got a work permit (usually lousy job) afford a $500,000 mortgage?? Why didn’t she stay in saskathewan??

Why is CMHC covering this for a foreign buyer if less than 20% down??

Corruption is rampant everywhere.

patriotz
Guest
patriotz

The article says the $56K was the deposit, not the down payment. The article says nothing about financing at all.

bullwhip29
Guest
bullwhip29

so, this poor, broke student, little to employment history…who co-signed? and if it wasnt financed, then she has even more explaining to do. i call BS on the whole story

Kim
Guest
Kim

It’s probably a plant by desperate realtors. Nothing will surprise me. Realtors are the scum of the earth.

Burnaby Bear
Guest
Burnaby Bear

“Jing cobbled together a 10 per cent deposit on the $560,000 property”

Sounds like a down payment to me. If, it is only the deposit, then her full down payment would presumably be much larger which precludes me from feeling much sorrow for her.

If her work visa is the same as one of my coworkers ( a recent SFU grad from China) the visa expires in two years. Why would someone buy property before getting their PR? Again, not a lot of sympathy.

Kim
Guest
Kim

People don’t realize it but this is what the Chinese do. Send a kid over to study, get a work permit doing some meaningless job, supported really by mommy and daddy’s stolen money. Then they get pr and citizenship and either bolt or start sponsoring their family. This will continue in massive scales now that Canadians voted for mr sunny ways. Why are Canadians supporting a loser who wants to import criminals and vermin and corrupt commits into this country

bullwhip29
Guest
bullwhip29

everyone here is aware of this. this story about student is complete BS imho

Kim
Guest
Kim

Yes here on this forum. Certainly not our stupid elites or the general population.

Oracle
Guest
Oracle

Elites know exactly what they are doing.

Confuse and conquer.

Oracle
Guest
Oracle

The problem is the ministries of immigration etc. have people in them now that were hired by and for vested interests.

Try getting a job at BC Hydro if you ever have publicly dissed Christy.

The people that work at the immigration department are pawns of the real estate complex in Canada.

Doesn’t matter what party comes to power now.

bullwhip29
Guest
bullwhip29

forget about how she could “afford” it, who approved the mortgage in the first place?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

“There’s so many deals in the works,” Philipp. “If you bought a house last July and it doesn’t close until after August 5, now that the rules have changed, you’d sit there and think, ‘What, are we in Russia?’”

Atleast in Rusia If the property was held for less than three years, residents must pay capital gains tax of 30 percent of the entire sale price.
https://www.angloinfo.com/russia/how-to/russia-housing-buying-property#sthash.GL3di5T8.dpuf

Kim
Guest
Kim

Stupid realtors have been exposed. Aww, what’s the matter, can’t pay the lease on your luxury car?

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Olympic Village: details emerge of “tax loss” sale,Freedom of information documents confirm taxpayers took multimillion-dollar hit in athletes’ village deal.

https://www.biv.com/article/2016/8/olympic-village-details-emerge-tax-loss-sale/

bullwhip29
Guest
bullwhip29

Not surprising given how seemingly everything RE related is run by the mafia. In a way i hope all these units rot away and start leaking in a few years and owners file a class action lawsuit for negligence, shoddy workmanship etc. This said, these wiseguys probably have that angle covered and will soak taxpayers again when its time to doll out the bailout money. It is amazing that Robertson, who dons a very effective teflon coated suit gets off scott free. Somewhere his name (along with campbell) is surely buried in all the paperwork and funds have magically disappeared into thin air.

FREE Qu Zhang Mingjie!!!

Kim
Guest
Kim

Robertson is a dirty sleeve bag. He should take that f-ugly gf of hers and move to China.

southseacompany
Member
southseacompany

The Fraser Valley Real Estate Board area includes Surrey, White Rock, the Langleys, and North Delta – all areas that are within Metro Vancouver and, hence, covered by the tax.

Of course, immigrants, who of course are permanent residents, are not covered by the tax.

Newcomer
Member
Newcomer

I think the province can get by without people who are stupid enough to buy an 800 K for a place in the valley, and especially those who want to buy one before they even get their PR.

bullwhip29
Guest
bullwhip29

Mike De Jong’s neighborhood is exempt, while areas like Surrey are not. Then again, you could buy “farmland” in Surrey (or elsewhere, right, massey bridge insiders? 😉 ) and wait 10-15 yrs to cash in your massive lottery winnings.

bullwhip29
Guest
bullwhip29

You also have to come to expect to see spin like this from the likes of BIV (who is also under same umbrella as the Real Estate Weekly)

Sebastien
Guest
Sebastien

Hi,

I’m a future entrepreneur and while looking for a location for my business, I was shocked to see how bad it is in the industrial real estate market. It has nothing in common with the residential one. It seems that there’s something for lease every street corner. Rents are cheaper than in other cities like Montreal or Seattle too.

Here’s a sample: https://spacelist.ca/search?zoom=12&city_ids=7&max_lat=49.33957298119618&max_lng=-122.74935329487914&min_lat=49.13356277488877&min_lng=-123.13387477925414

How come the media never talks about this?

Regards,

bullwhip29
Guest
bullwhip29

Why is this a surprise? No one works (or lives) here, remember? Vancouver is the Liechtenstein of Canada and maybe all of N. America for that matter

Madashell
Guest
Madashell

Right on. Government should have seek out large or small business investment/immigrations as they create jobs and pay taxes, unlike the wealthy group of corrupt HAMs elites who use this city as a playground and pay no taxes except for their property.

bullwhip29
Guest
bullwhip29

michelle yu, the land assembler, is probably working on getting all these properties rezoned to commercial and industrial “live/work”

Kim
Guest
Kim

And have you looked at all the commercial spaces? Vancouver is a joke. Empty houses mean demand isn’t even that high if houses were meant to be lived in. All the usual re banter about too little supply is a lie to get people to buy more. Rents aren’t even that expensive otherwise rents would cover the mortgages on a lot of these properties.

HAMster
Guest
HAMster

I know a guy bought a commercial warehouse unit and converted it into living space. It was way cheaper than buying a townhouse.

Funkeymonkey
Member
Funkeymonkey

Good luck finding skilled people to work for you.

Dave
Member

The media doesn’t attract the type of people with the ability to even consider this type of question. They need to be fed stories. Even when fed, they don’t do their homework and actually research and figure out what is going on. They just play to whatever narrative works for their story.

Fear monger
Guest
Fear monger

First Residential RE, then farmland.
Now hockey clubs.
Oh Canada, our home and stupid land.
http://www.cowichancapitals.com/the-capitals-have-a-new-owner

HAMster
Guest
HAMster

New owner is relocating from Beijing to Duncan? Sounds quite suspicious to me.

Fear monger
Guest
Fear monger

On of our parents on my son’s hockey team is from Beijing and he knows the guy who bought the team.
According to the parent, the owner bought it as an “investment”, and he has no intention on moving to Canada.

Kim
Guest
Kim

A junior hockey team in hotbed Duncan? Yeah quite the investment.

Fear monger
Guest
Fear monger

On of our parents on my son’s hockey team is from Beijing and he knows the guy who bought the team.
According to the parent, the owner bought it as an “investment”, and he has no intention on moving to Canada.

bullwhip29
Guest
bullwhip29

this nothing new. HAM been buying vineyards, golf courses, sports facilities, resorts. in this case the purchase of the hockey team was probably done to win over the crowds, but will backfire imho.

bullwhip29
Guest
bullwhip29

only a matter of time before the Vancouver Canucks get sold to HAM. said it here first…

HAMster
Guest
HAMster

Yup. We need a 15% tax on hockey teams… Christy?

Kim
Guest
Kim
Oracle
Guest
Oracle

Bad for Canada as we won’t raise ours. Lower loonie means more HAM.

Madashell
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Madashell

Which also means mortgage rates are going up. More nails in coffin for over-leveraged home owners.

Oracle
Guest
Oracle

Canada will start buying mortgage bonds

The banks/real estate industry owns us

Kim
Guest
Kim

It also means a lower dollar, and erosion of our purchasing power. So it means higher cost of living, which will squeeze household budgets. That Tesla’s gonna cost 300K by the time this is done.

Combat roach
Guest
Combat roach

Hard to understand what is still driving Chinese to keep coming here when they already know, even for a while now, that they aren’t welcome and likeable to the most of the ordinary people who live here and no matter from where they came? What kind of incentive, except the lack of laws and regulations enforcement which fit their needs and habits, is here for them when they keep coming in the society where they have no respect nor value. Must be some sort of mission that they are pursuing otherwise who sane would do that?

bullwhip29
Guest
bullwhip29

aside from rudimentary instinct to preserve capital, you have simple peer pressure. so many have come over (or bought RE) that anyone that hasnt yet done so feels like they are missing out. everyone here knows chinese do not like missing out on anything. besides with so many here it isnt really like leaving home anymore (minus the pollution, over the top crowds, chaos, outright civil unrest and all that good stuff of course)

Kim
Guest
Kim

They know they’re not welcome most other places. Their dream is to go to the US but the US is notoriously difficult to get in. So they settle for Canada.

patriotz
Member

US actually gets twice as many legal immigrants from China.

Kim
Guest
Kim

Yes but per capita? A lot less

Oracle
Guest
Oracle

They know they will be majority in near future.

Only city outside China where this is a possibility.

bullwhip29
Guest
bullwhip29

as of very outdated (and incomplete) 2011 census data…

400k+ chinese in lower mainland
gr vanc is 30.8% chinese with richmond at 48.5%

without question these figures are much higher now. vanc has gotta be pushing the half way point at least while rmd is likely 3/4’s+. driving around previously white only regions like white rock, delta and tsawwassen things are changing very quickly there too.

Oracle
Guest
Oracle

Bullwhip, I’m of Indian ancestry. And I know these numbers are low balled.

I informed the census people of 100’s of Indian immigrants who overstayed their visas and we’re now living in the upper floors of commercial/industrial buildings.

They said they couldn’t count them because they are not residential housing.

Lol

bullwhip29
Guest
bullwhip29

yes, outdated and incomplete data

patriotz
Member

“400k+ chinese in lower mainland. gr vanc is 30.8% chinese”

So the total population is 400K/.308 = 1.3 million?

bullwhip29
Guest
bullwhip29

yes, those were the figures provided as of 2011 for whatever the definition of “greater vancouver” was at the time

patriotz
Member

Vancouve CMA (same as greater Vancouver) population was 2,313,328 in 2011. One of those numbers in the quote is obviously wrong and I think it’s the 30.8%.

bullwhip29
Guest
bullwhip29
patriotz
Member

Somebody hasn’t heard of Singapore. Penang in Malaysia is also majority Chinese.

Hyper-mega-Bull
Member
Hyper-mega-Bull

They come here because Vancouver is part of the sino sphere but has western laws and social benefits.

http://www.smallstation.net/forum.php?mod=viewthread&tid=2783

Shut It Down Already
Guest
Shut It Down Already

They’re more likeable and welcome than the likes of you. I’d rather live on a street of foreigners than a street of racists.

Best place on meth
Guest
Best place on meth

I’d rather you don’t live at all you fucking traitor.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Shut, sorry but I’m not convinced you know what racism is or have any but the most superficial understanding of any related social concepts. It seems to be for you merely a word you spout in order to defend the status quo brought about by the greed of the real estate industry and the complicity of corrupt politicians. It would help me to understand you better if you said something about what you think makes for a good life and makes for a thriving society.

Combat roach
Guest
Combat roach

Name one value added to our life and society by Chinese HAM in the past 10 years and I will give up on persecuting locusts?
You should be ashamed if you are serious when pulling that racial nonsense.

2.9milCrackHouse
Guest
2.9milCrackHouse

On the streets I’m starting to see a lot less patience with mainland Chinese rudeness, driving, and general bad behavior. Yesterday I saw a Caucasian telling a group of Chinese talking really loudly to shut up. Has anyone else noticed this? It seems like the usual Canadian politeness and patience is starting to crack.

Madashell
Guest
Madashell

Saw a mainlander honk another mainlander for driving too slow.

bullwhip29
Guest
bullwhip29

this shouldnt be necessary. it is common knowledge that the less expensive car is to yield to the more expensive one at all times. it doesnt matter if the light is green or red, if the driver is in the left hand lane with the right turn signal on (or not on) or if he/she is even watching the roads at all.

Best place on meth
Guest
Best place on meth

If the driver of the expensive car causes an accident that kills other motorists, pedestrians or cyclists, they may pay a small fine directly to the attending police officer and be on their way.

wizard sleeves
Guest
wizard sleeves

Future mainland driver:

http://m.liveleak.com/view?i=6b3_1471257091

Poor sucker who gets run over lifts his arm for help as he lay dying and they nonchalantly walk away.

Oracle
Guest
Oracle

Noticing huge tension between iNdian and Chjnese community. No interracial frienships outsider school or business.

Hate to say it but true.

Dave
Member

They seem to get along fine to me. Haven’t you seen the movie Harold and Kumar?

Kim
Guest
Kim

American Chinese and Indians get along quite well. It’s a result of the melting pot.

Best place on meth
Guest
Best place on meth

True, it seems the two communities do have a shared love of weed and burgers.

bullwhip29
Guest
bullwhip29

should check out costco in richmond where those super sized shopping carts are being used as battering rams to clear out all the riff raff clustered around the food tasting tables. i always get a kick out of the smug jackasses who think it is ok to leave their mercedes or range rover suv’s right in front of the entrance with the engine running and the hazard lights on

Kim
Guest
Kim

Man, you should check out reviews of Bellingham as a place to live (my inlaws who are American are thinking of moving there). I see “rude Canadians” more than once. I bet they’re referring to the Chinese.

bullwhip29
Guest
bullwhip29

i still go down from time to time. much more pleasant place to be now. the residents down there were probably wondering what the F was going on for a few years. no parking, milk, cheese, eggs, chicken etc sold out…LOL

duh
Guest
duh

I moved to the states a few years ago. Coming back to visit Vancouver I can’t believe the aggressive terrible drivers and stressed out rude Canadians – most of them white people. It also struck me that the economy is like boiling a frog up there, food prices had gone up quite a bit since I moved. Even taking the exchange rate into account you guys are paying a lot more for the basics.

Don’t get me wrong, there are plenty of jerks in the states and plenty of wonderful people in Canada, but you’re fooling yourself if you think Canada is some wonderland of polite white people who are just now being ruined by a rude foreign influence.

Best place on meth
Guest
Best place on meth

True, the moronic cheeseheads clogging the border to load up on dairy, eggs and gas are all white.

Makes it hard for those of us going on an actual vacation there.

bullwhip29
Guest
bullwhip29

incorrect. actually mostly non white. fast fwrd to about 1:00 mark of video
http://www.cbsnews.com/news/blame-canada-border-battle-over-costco-in-wash/

Best place on meth
Guest
Best place on meth

@bullwhip29

Wow, that is an eye-opener.

I thought all the chinese were headed to Seattle Premium Outlet mall, yet there they are gobbling up dairy products just like the white folk.

Kim
Guest
Kim

I lived in the US for four years in the midwest. Much nicer folks than here without a doubt. Even a jaunt down to Portland and you’ll notice folks there are super nice. When my wife and I got off the train, you could notice the difference. People actually nod and smile and say hi to you.

patriotz
Member

“you’re fooling yourself if you think Canada is some wonderland of polite white people”

You’re fooling yourself if you think Vancouver is in any way representative of the rest of Canada.

mls watch
Guest
mls watch

Was just told there are developing ESL education for Chinese in Powell River: http://www.ubcm.ca/assets/Convention/2014/Presentations/Tuesday~Sessions/Forums/ScottRandolph.pdf

bullwhip29
Guest
bullwhip29

this was probably the most bizarre thing i’ve seen up on the sunshine coast in some time. these people completely out of touch… (this article is a little old now)
http://www.coastreporter.net/news/local-news/new-investor-has-big-plans-for-golf-course-1.1062691

Combat roach
Guest
Combat roach

Very stylish power-couple in line with plans to build a high-end Lamborghini hotel and resort chain, exactly what Sechelt needs.

btw. what have happened to golf business a few years later?

http://www.secheltgolfclub.com/

bullwhip29
Guest
bullwhip29

breaking news….i think a lot of opposition to project. everything still in limbo i believe.

this said, i am speculating that something big is being discussed behind closed doors in victoria regarding some sort of fixed link to the sunshine coast which could completely change the landscape there. in the first six months of this year pretty much every liveable house with decent sqft and good sized lot was gobbled up over there. prior to this nothing was going on for yrs in that market (even with things going apeshit over here). vanc island, okanagan was the same so maybe this sudden surge can be attributed to insider buying ahead of the introduction of 15% tax. we’ll see…

mls watch
Guest
mls watch

I do not think it is insiders, but boomers from Vancouver cashing out. I work in Van and most of my 50 plus colleagues intend to time the market to retire rich on Vancouver Island, Gulf Islands or the Sunshine Coast. Some of them understand that they need to get out before the bulk of them.

HAMster
Guest
HAMster
bullwhip29
Guest
bullwhip29

story makes no sense. this couple is downsizing. the are also talking about things that havent yet happened. anyway if their sale (of this very modest looking residence) somehow falls thru they keep what should be (in theory) a larger deposit. nothing their bankers shouldnt be able to juggle around and work with. whatever….

patriotz
Member

Another idiot who made an unconditional offer for another property before the sale of their current property closed. Sales fall through all the time, it’s just that the rest don’t get to blame the Premier of BC for it.

Oracle
Guest
Oracle

House across the street first listed for $649. Sold for $649 in Jan. House to the left listed for $649 a few weeks later. Eventually sold for $720 in May.

House to right listed for $839 in June. Reduced price to $799 in July. Now reduced price to $699.

All same type houses.

Market for detached has definitely stopped in tracks.

Kim
Guest
Kim

Where is this?

Adult Huggies
Guest
Adult Huggies

Most likely Surrey, tons of speculators shitting it here especially the ones with private mortgages which was big business in Surrey just a few months ago. Went to my bank today , the mortgage specialist use to have the first office as you entered now hes been relocated somewhere hidden in the back, coincidence or does he know there is gonna be a lot of angry customers.

Adult Huggies
Guest
Adult Huggies

Most likely Surrey, tons of speculators schitting it here especially the ones with private mortgages which was big business in Surrey just a few months ago. Went to my bank today , the mortgage specialist use to have the first office as you entered now hes been relocated somewhere hidden in the back, coincidence or does he know there is gonna be a lot of angry customers.

HAMster
Guest
HAMster

Surrey.

popgoesthebubble
Member

Here is the view from within the heartland of China on this new tax: http://bit.ly/2aYX7JL

Combat roach
Guest
Combat roach

Utter self-indulging and self-pity garbage. Why don’t they write about havoc, damage and calamity which come along with their “investments”?

Blackened06
Member
Blackened06

“As Vancouver housing controversy escalates, Chinese foreign investors wonder why they are the focus of anger over a housing market where many Canadians realized sale prices beyond their wildest dreams.”

What a crock of absolute shit. This is the absolute reason they fuck off. Self entitled , pompous whiners.

Combat roach
Guest
Combat roach

What kind of rhetoric would you expect to hear from cunning and shifty vultures?

Kim
Guest
Kim

Are they so stupid? Do they not realize that showing off your wealth a la cars, clothes, monster homes, and whatever materialistic toys is not the way to win the hearts of locals? Quite frankly, we don’t care that you stole your money and can afford to buy your teenage son a lamborghini or ferrari. It doesn’t impress us. In fact, the more we see your sons and daughters race their cars, and endanger our lives, the more want you to get the fuck out of our country.

Best place on meth
Guest
Best place on meth

“The Chinese wealthy suffered even more devastating plight in Indonesia back in 1990s, when a social unrest erupted that killed hundreds of thousands of ethnic Chinese and destroyed their shops, homes and families.”

Ooh, just got a woody thinking about that.

Newcomer
Member
Newcomer

Not cool. Come on, man. If you’re so proud of being a Canadian, act like one.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

This article does make me extremely angry. One of the more extreme pieces illicitly proclaiming entitlement to Canada by foreign nationals that I have seen so far.

southseacompany
Member
southseacompany

“U.K. firm says foreign investors have less to do with Vancouver real-estate bubble than risky lending conditions” Georgia Straight
http://www.straight.com/news/755331/uk-firm-says-foreign-investors-have-less-do-vancouver-real-estate-bubble-risky-lending

““We are sceptical of claims that Canada’s housing bubble is primarily due to foreign investors,” reads the report by Paul Ashworth, Capital Economics’ chief North American economist. ”

“”Manias like housing bubbles are, by nature, irrational,” the report continues. “All that irrationality requires is access to credit and the mistaken belief that prices will keep on rising in perpetuity.””

rockerguy
Member
rockerguy

This is the right idea. I’d add however, that the concept of foreign cash provides a nice psychological backstop in support of that notion that “this time it’s different”.

Oracle
Guest
Oracle

Nice try.

Newcomer
Member
Newcomer

Yeah, what would he know, he’s just a professional economist who has studied the actual data.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Who may never have ever set foot in Vancouver, nor watched a time lapse video showing the change in the city scape, nor gone to any open houses in Dunbar or the Westside generally, etc.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Data is always selected and analyzed by someone, someone with biases and blindspots.

Fool
Guest
Fool

Unlike anonymous anecdotes posed on blogs.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

So, “Foo!” what are you saying? Do you deny that data is always selected and analyzed by someone with biases or blindspots?

paulb
Member

New
215
Sold
118
TI:9563

http://www.paulboenisch.com

ttul
Member

Here’s a cool new chart: Sold as a % of Inventory, by Day of the Year: https://docs.google.com/spreadsheets/d/1dYtxpv5aEMF-Ccyyb8sKmtHI4nQL8rqP4vEVxMx4VUc/pubchart?oid=1701525396&format=interactive

I added some polynomial fits to show a hypothetical trend. The R^2 for this year is really tight at 0.9. Just visually, you can see how the market is collapsing.

Ryan
Guest

Would you be willing to share your data? Do you have data for previous years?

southseacompany
Member
southseacompany

“Mortgages For All: How over-leveraged homeowners are turning to private lenders and threatening the economy”, Toronto Life

http://torontolife.com/real-estate/how-private-lenders-and-debt-crazed-homebuyers-are-pushing-torontos-real-estate-market-to-the-brink/

“Non-prime mortgage lending to bruised-credit borrowers by less-regulated entities—better known as “shadow lending”—has existed for ages, but it has been on the rise over the last few months in this city, and elsewhere in Canada as well.”

Newcomer
Member
Newcomer

Holly molly, I had no idea!

There is a world of hurt approaching.

southseacompany
Member
southseacompany

“Housing Market To The Rescue!”, HI Business
http://hibusiness.ca/2016/08/15/housing-market-to-the-rescue/

“Capital Economics have detected this investment slump coming to an end. Analysts have predicted that the bubble would burst sometime around the second half of this year. However, given the pace at which business investments are picking up, the country is likely to be walloped by a slide in house prices, the London, U.K.-based economic consultancy predicts.”

“The prices of houses have not increased so much by foreign investors. Instead, low-interest rates have severely affected the amount of mortgage debt to “ridiculous levels,” the economists wrote.”

JJS
Guest
JJS

Why are we such doormats? You want to maintain Cdn citizenship, pay up. Adopt US Law about taxing ALL citizens on world-wide income, no matter where they live.

Shut It Down Already
Guest
Shut It Down Already

Many overseas US residents owe no taxes there due to various treaties. But they still have to file returns. It’s a massive waste of everybody’s time and money.

patriotz
Member

The main problem is not citizens moving abroad and becoming non-resident for taxation, it’s PR’s or citizens who are resident for taxation failing to report foreign income. And god luck getting a country like China, where tax cheating by everyone is rampant, to help out. We need deemed income based on family assets and lifestyle.

Kim
Guest
Kim
Kim
Guest
Kim
OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

AS I HAVE SAID BEFORE HOW MANY BC BORN & RAISED FAMILY LEFT BECAUSE OF HIGH RE COST, WHERE WERE U GUYS ?

Newcomer
Member
Newcomer

If you are looking for the funding source for the PR firm that planted this, the story about the Chinese student, etc., I would suggest the Provincial Liberals. You are their target audience. This serves the same political purpose as a public hanging. Everyone gets to see that the new tax has teeth. The wicked (Chinese students) and the irresponsible (valley trash) are being punished.

Whistler or bust?
Guest
Whistler or bust?

I miss Space

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I do too. I like this blog for the diverse range of opinions. Without that all you have is an echo chamber.

Diadora
Guest
Diadora

I miss space as much as having hemorrhoids

southseacompany
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southseacompany

“UNREGULATED CANADIAN MORTGAGE LENDERS SEE MARKET SHARE SURGE: MEMO”, Globe & Mail
http://www.theglobeandmail.com/report-on-business/streetwise/unregulated-canadian-mortgage-lenders-see-market-share-surge-memo/article31437651/

“Ottawa is monitoring the growth of unregulated mortgages in Canada as non-bank lenders see their market share surge amid frothy housing conditions in Toronto and Vancouver.”

“According to a redacted government briefing note to Finance Minister Bill Morneau and released under the Access to Information Act, unregulated mortgage lenders – such as firms that do not take deposits – now control about 15 per cent of mortgage originations in Canada following rapid growth in recent years.”

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