BC Speculation Tax Impact

People who own more than one home are worried about the new speculation tax:

From a Vancouver Island resident with a condo in Vancouver: “If the proposed speculation tax proceeds as you describe, the two-per-cent tax will far exceed the B.C. income tax that we normally pay. We will have no choice but to sell our Vancouver condo. We’re not speculators. We simply wanted to enjoy a few days a month in the city we used to live in, in the comfort of our own condo.”

On the problem for seniors with recreational properties that have been in the family for years: “If they pay zero income tax because their annual income is low enough to warrant no tax — i.e. married couple making around $25,000 or so — they’d never recover the amount.”

From someone with a place on Saturna: “They call it a speculation tax, but it seems more like an empty home tax. The government claims that taxing homes which remain empty most of the year will help deal with the housing shortage. If that is the case, why isn’t Whistler included? The prices are skyrocketing and there is a real housing shortage for workers. On the other hand, they include a Gulf Island like Saturna, where there isn’t a housing shortage and housing prices haven’t risen in more than eight years.”

On the perverse incentives of a tax vis-a-vis longtime residents versus actual speculators: “If you speculate and sell the property quickly, you pay the tax once, while those keeping property for years pay years of tax. The short-term speculators win!”

Read the full article here.

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Lost,... but not leased
Guest
Lost,... but not leased

First…..you betcha

Lost,... but not leased
Guest
Lost,... but not leased

First…you betcha

Lost,... but not leased
Guest
Lost,... but not leased

As suspected, NDP budget is either unclear, ….or rather insidious or both.

Unless NDP come out and clarify, or allay fears…watch SHTF……may even see Weaver succumb to pressure and pull the plug on NDP and force a vote.

Oracle
Guest
Oracle

NDP has to come out and say a rental income offset if declared in taxes. Are hey going to backtrack on 3rd homes because it’s the grandparents vacation home? FFS.

And the vacation home thing is just BS.

Dyugle
Guest
Dyugle

People with vacation homes do not vote NDP. Play to your base not the elite.

Oracle
Guest
Oracle

Huge push back in BC Legislature Question Period on the Spec Tax. And Carole James basically back tracking that it won’t apply to BC Residents with multiple homes. What the Fuck??!! The other side basically all fraudulently claiming it their ‘vacation homes’.

Rather than spending time posting here day after day, from now on go on Facebook, Twitter, and email the MLAs. It’s now or never. If they backtrack, it’s game over.

Basically a recent HAM immigrant can keep his 10 homes without being taxed. Fuck that. Then everyone go into the underground economy.

And tell the NDP that you won’t vote for them if they backtrack.

Lost,... but not leased
Guest
Lost,... but not leased

Some comments from Garth’s latest.

To avoid vacancy tax….talk forums note people will fake renovations and get people to write fake leases.

Also Accountants advising clients to sell vacation property.

patriotz
Member

Watch Coffee Talk with Carole on Facebook Live, Thursday March 8, around 7:30pm. Minister of Finance @carolejames will be discussing the #BCBudget2018 with guests @KatrinaCBurnaby, Minister of State for Childcare, and @selinarobinson, Minister of Municipal Affairs and Housing.

https://twitter.com/carolejames

Oracle
Guest
Oracle

http://www.news1130.com/2018/03/07/james-hints-b-c-speculation-tax-being-redrawn-for-vacation-homes-implications/

Speak up now.

Otherwise kiss any correction goodbye. Next leg up in Speculation will happen very quickly.

Oracle
Guest
Oracle

Fraudsters gonna win this one.

Rent a place out for 355 days. Vacation in it 1 day. Exempt!

See Saw
Guest
See Saw

Get lost.

paulb
Member

New
204
Price Change
73
Sold
99
TI:8442

http://www.clivestevepaul.com

Dave
Member

That’s a low sold number.

See Saw
Guest
See Saw

No kidding. It’s because a major correction is now underway. Of course, this will come as “News” to most of the dullards here. However, I suppose we can expect “Just me” to work overtime tonight, bloody his knuckles on his two keyboards (the other one is for his alt-personality, “Oracle”) and spin his usual Asian Invasion BS.

Oracle
Guest
Oracle

I heard a rumour here that it’s easy to get an IP if your not using a VPN on this site. I would hate that. . Would ou? Maybe.behave?

Best place on meth
Member
Best place on meth

These poor people with their second home problems.

All of the people with no homes are crying their eyes out for them.

This is tragic beyond belief.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

The city’s homelessness crisis is a consequence of a tiny fraction of people owning second homes? Uh huh.

Best place on meth
Member
Best place on meth

I wasn’t referring to the homeless, you fucking piece of shit.

Shut up and die, cocksucker.

This Needs To Stop
Member
This Needs To Stop

Are you joking or are you actually that retarded?

YVR
Guest
YVR

In Kelowna about 20% of their housing stock is vacation homes left empty most of the year. 10% of buyers in Kelowna last year were Albertans. Kelowna’s rental vacancy rate is the lowest in the country. You don’t think there is any correlation to some of the homelessness in Kelowna?

According to a Canada Mortgage and Housing report, the overall vacancy rate in Kelowna is .2 percent.

https://globalnews.ca/news/3886556/kelownas-rental-vacancy-rate-lowest-in-the-country/

YVR
Guest
YVR

Here is a family living in a tent. A perfect example of who cannot find a home in the Okangan. If those 10% of homes sold last year were not sold to Albertans how many more homes would be available for rentals?

https://www.kelownacapnews.com/news/homeless-numbers-hit-150/

Bear Vancouverite
Member
Bear Vancouverite

Can you show some data that correlates to the statement “tiny fraction of people owning a second home”? Curious what the fraction really is.

Out of a fairly small group of people I’ve spoken to over the years, several own 2 and more homes, so I’d be shocked if the fraction was really as tiny as you think. Or maybe you read that article where one single investor bought 10 townhomes totally more than 10% of the entire development. Pretty sure that does move the needle on supply and prices.

patriotz
Member

“tiny fraction of people owning a second home”

This means a second personal residence. The term “home” has been so abused by the RE industry that it’s commonly used as a synonym for “property”. A property you own and rent out isn’t your second home, it’s someone else’s home. I’m pretty sure there are very few BC residents who own a second personal residence in Vancouver.

Oracle
Guest
Oracle

Make sure your parents pay capital gains taxes when they sell.

Bubble
Guest
Bubble
Laibach
Member
Laibach

Queen locust setting up new locust hive, fucking vermin…

Whistler or Bust?
Guest
Whistler or Bust?
YVR
Guest
YVR

Same story from the Richmond News:

Richmond drivers have frequently been reported to have driven through commercial storefronts.

There must be something wrong with Richmond storefronts?

http://www.richmond-news.com/news/porsche-crashes-into-richmond-s-thai-house-restaurant-1.23194884

Laibach
Member
Laibach

Nothing wrong, it is a well known pattern in mental study when people with special needs get access to a vehicle and then literally take a car to go to lunch.

Lost,... but not leased
Guest
Lost,... but not leased

Buildings are becoming suicidal due to the constant demolition and lack of certainty.

This kamikaze behaviour has them leaping in front of late model imports driven by usual (aka locust) suspects.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Just another jealous unemployable racist.

Best place on meth
Member
Best place on meth

Of course you would defend this mainland garbage as it rapes and pillages our country, you fucking piece of shit.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Was it the Nazis who perfected the art of labelling their targets as non-human and that those who stood up against discrimination were traitors? I can’t quite remember.

Oracle
Guest
Oracle

How’s he a racist you moron? Seems like your kind just jump on that. My kind work hard and persevere and we’re from South Asia.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Dumbass, he used a racial slur and described the person as “vermin” purely because of their presumed place of birth. What part of that is diffficult to understand? Oh right, it’s Oracle – the liar who fabricated an identity for the sole purpose of stirring the pot. And continues to lie about it. I notice your avatar hasn’t changed lately. How’s that random VPN working for you?

Laibach
Member
Laibach

I apologize but you are a complete imbecile. Fact that you are obsessively envy of classless but accidentally rich Chinese doesn’t mean that the others must be then jealous, at least. Also even more retarded, what a fuck one’s employability has to do with that? You should definitely look for some professional help while being at the similar stage where spaceshit was about a year ago when he got expatriate from the VCI.

Best place on meth
Member
Best place on meth

“Citing that numbered companies are used to hide property ownership and dodge taxes, BC’s NDP government introduced measures to crackdown on them in the provincial budget.

“Numbered companies, offshore and domestic trusts, and stand-in owners hide the true source of the capital that is flowing into our real estate market,” Finance Minister Carole James said in her budget speech. “A lack of transparency in our land registry means true ownership is not clear. We’re going to change that.”

How about we ban these motherfucking china men from buying ANY and ALL real estate in this country once and for all?

Get rid of these assholes, whatever it takes.

Whister or Bust?
Guest
Whister or Bust?

Again 25% of the comments by Oracle.

Oracle why don’t you start your own blog?

You and your “sources” which were 100% wrong again on the budget could be 100% of the comments!

Oracle
Guest
Oracle

Think we need a tax in Whistler as well. Let’s out the tax evaders. Yeah?

Whistler or Bust?
Guest
Whistler or Bust?

Maybe your sources can make it happen?

Specuskeptic
Member

Eby responds to a question from Furstenau. Tone is definitely different than a few months ago when the foxes were in charge if the henhouse.

https://youtu.be/mXf2JlDOsj4?t=87

Along with flowers, optimism is blooming…

YVR
Guest
YVR

A few months ago it was the NDP in charge. We are coming up to a year since the election. It is good Eby is being called out on his inaction on money laundering. He merely points out studies started many years ago under the Liberals. Fair point, but you are doing no better with more studies. Time for action Mr. Eby. The casinos should be shutdown until they prove they can stop it.

Oracle
Guest
Oracle

If you watch the speech, he says 4 years to address the crisis.

Doomcouver
Guest
Doomcouver

BC Liberals: “Hey you remember that money laundering problem we didn’t do anything about for 16 years? You NDP guys are taking too long to fix it.”

YVR
Guest
YVR

Here we go. The watering down begins before the spec tax even starts.

James hints B.C. speculation tax being redrawn for vacation homes implications.

http://www.660news.com/2018/03/07/james-hints-b-c-speculation-tax-being-redrawn-for-vacation-homes-implications/

Bestplaceonearth
Guest
Bestplaceonearth

Does the NDP ever think through of any thing!

Shut It Down Already (original)
Guest
Shut It Down Already (original)

They didn’t run any models but they’re watching it closely.

Hilarious.

patriotz
Member

“They didn’t run any models ”

Governments can’t predict house prices any better than anyone else, which is to say nobody can really predict them. What everybody does know is that if you reduce demand prices will be lower than if the reduction didn’t happen. The implications talked about here are essentially about political impact, not some mythical targeted price drop.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

They didn’t say that models are ineffective. They said that they didn’t run them.

And yes, data modelling is a thing. Do you think your own weather forecast is more reliable than the government’s too?

bullwhip29
Guest
bullwhip29
well, she has dug herself too big a hole now. first, it will be next to impossible to announce changes that will protect only certain locals (however that is to be defined) while excluding others. secondly, by cherry picking which regions these so called changes will apply she will be turning this into a much larger and more complicated mess. you’ve already got a situation where a property literally across the street from Kelowna is exempt and the exact same home just meters away is being hit with both the FBT and the vacation home tax. with all the uncertainty, some anxious owners might sell while others hold off on buying only to have the rug whipped out from under them in a few months. cue the various class actions. on top of that there will undoubtedly be purchases in… Read more »
bullwhip29
Guest
bullwhip29

B.C. government hints at changes to speculation tax so it doesn’t impact locals with vacation homes
http://www.cbc.ca/news/canada/british-columbia/speculation-tax-vacation-homes-changes-march-1.4566586

patriotz
Member

The spec tax areas as originally drawn up include some true vacation areas which aren’t part of the metro housing markets. Obvious example is the Gulf Islands as mentioned in the article, which is part of Capital Regional District. Taking it out won’t change the effectiveness of the tax in Victoria itself where it is needed. Also the Islands have a Green MLA which the NDP needs onside.

I don’t think the NDP is going to back off in the cities themselves.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Good job they didn’t sell or rent, right?

A simple speculation tax could have just looked at the holding period. I’m a hot market people want to get in and out quickly, and that perpetuates the problem. Nobody would rush into buying for speculative gains if they had to hold the property for 2-3 years.

YVR
Guest
YVR

When you have a 15 year bull run nobody wants to get in and out quickly. Everybody want to hold for as long as possible. That is why we have the problem. If it was flippers only we would have inventory.

YVR
Guest
YVR

I will add if they only taxed the short term holders that may make the problem worse. The flippers would just hold for longer to avoid the flippers tax.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Increasing the holding period increases the risk that you’ll be obliged to keep holding whilst everybody else is selling. It keeps your capital tied up for longer. It forces you to consider holding costs more seriously as you’ll be paying them for longer. It changes the dynamic enormously.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

If what you say is true then presale assignments would never happen. Everybody would complete and hold.

Just me
Guest
Just me

We need to tax long idle holding. Economists agree that short term flipping is unhelpful but it is not responsible for the run up in prices.

The real culprit is speculators (foreign and domestic). Who hoard housing and illegally rent it out short term (AirBnb) or leave it empty.

The speculation tax of the NDP targets those uses, as it should.

It takes some guts to do the right thing.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Which economists agree, exactly?

Name
Guest
Name

vacation (second) homes should be taxed because they are still bought with an eye on speculation.

Whistler or Bust?
Guest
Whistler or Bust?

Speculation on enjoying your life maybe?

Name
Guest
Name

it’s speculation for monetary gain …. life can be enjoyed w/o owning an empty vacation house.

Strata Hacker
Guest
Strata Hacker

Why would people take direction on living their life from a landless renter like you? So they can also end up as landless nameless renter?

Name
Guest
Name

owning a property makes me a ‘somebody’? what a world we live in …

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Some people are prepared to pay for the convenience of being able to leave personal items and pantry essentials there (maybe even a boat?). Or being able to “check out” a little later than 11am. Or perhaps they enjoy a place so much they don’t see the need to vacation elsewhere. Either way I don’t see why you get to decide what people can or cannot do with their life, wealth, or property.

Everybody is a speculator to the have-nots. Pure jealousy.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

The bitter have-nots just want everybody else to be like them. Fairness of outcome rather than fairness of opportunity.

Just me
Guest
Just me

I agree.

kabloona
Member
kabloona
If this guy takes over from Cohn, then I guess NAFTA is toast…. 😉 “Death by China” economist ascendant as Trump pushes tariffs, hits China https://ca.finance.yahoo.com/news/death-china-economist-ascendant-trump-pushes-tariffs-hits-184841103–business.html “…Navarro has endorsed withdrawal from the North American Free Trade Agreement as well as from a trade deal with South Korea. He believes the World Trade Organization allows unfair tax practises like value added tax that penalize American business. But his main target has been China. He has backed a 45 percent tariff on imports from China to combat what he says is Beijing’s policy of illegal export subsidies, currency manipulation, intellectual property theft and lax worker safety and environmental regulations. He has challenged Washington’s “One China” which recognises Beijing and not Taipei diplomatically. “Just as these Chinese leaders have been exploiting American weakness by cheating in the trade arena, they will acknowledge the… Read more »
Oracle
Guest
Oracle

Hopefully Nafta is terminated.

Whistler or Bust?
Guest
Whistler or Bust?

Along with your 10 yr Visa

Hyper-mega-Bull
Member
Hyper-mega-Bull

Beijing is stepping up efforts to inject party ideology into student life of American universities.

http://foreignpolicy.com/2018/03/07/chinas-long-arm-reaches-into-american-campuses-chinese-students-scholars-association-university-communist-party/

southseacompany
Member
southseacompany

“They didn’t have many takers, but B.C. homebuyer loans still affected prices, prof says”, CBC

http://www.cbc.ca/news/canada/british-columbia/they-didn-t-have-many-takers-but-b-c-homebuyer-loans-still-affected-prices-prof-says-1.4566885

“”It appears to me, doing a very quick analysis here, that it did have an impact,” Pavlov told CBC News. “The effect is small … but it is statistically significant.””

“To calculate the impact on the real estate market, Pavlov compared the increase in prices for condos above and below that $750,000 threshold in the six months before and after the loans were available.

“The lower-priced condos appreciated a little faster than the more expensive condos,” he said.”

Bag it and tag it
Member
Bag it and tag it

Yup…things were unwinding nicely after the FBT was implemented, but Crooked just couldn’t let it happen…greed was too great.

Just me
Guest
Just me

Christy Clark said she wanted more affordability. But not lower prices.
Go figure.

Doomcouver
Guest
Doomcouver

A fine example of cognitive dissonance among the SoCred fatcats. Affordability and current prices are 100% incompatible with each other.

southseacompany
Member
southseacompany

“Canada’s housing bubble is starting to burst”, Curbed

https://www.curbed.com/2018/3/7/17085794/canada-housing-market-collapse

“Soaring home prices, subprime lending, and huge debt levels have Canada on thin ice”

KickThemOut
Member
KickThemOut

International Woman Day today! Woohoo….all the women in our company gets a “free” day at work as appreciation of their efforts & status as women. But only Chinese women eligible apparently.
oh, I also heard the young ladies on the “good” side of the owner is trying to get additional days off during that time of the month going forward, as a recognition of the special needs of women. Wonderful, don’t you think?

bullwhip29
Guest
bullwhip29

well, lucky you then…

Lost,... but not leased
Guest
Lost,... but not leased

Guess that explains why Dumber and Dumberass SIDA and Sea Hag are posting more frequently than normal.

See Saw
Guest
See Saw

No one could EVER keep up with your constant drivel and poop. You must have a lot of time on your hands, being unskilled and unemployed as you are. However, there IS hope; you can become a PAID shill just like “Just me/Oracle” if you really put your mind to it.

Name
Guest
Name

you must be a woman because you always have to get the last word in …

Lost,... but not leased
Guest
Lost,... but not leased

Ka Ching…..Zinger !!!

Dave
Member

Get ready for the dollar to pop:

http://business.financialpost.com/investing/market-moves/canadian-dollar-will-plunge-to-lowest-level-in-15-years-on-bullys-mismatch-currency-guru-says

He’s saying $0.63 next year. I think sub 70 this year is in the cards.

Get ready for some ‘stagflation’. The price of things is going to head up (because of the low dollar and governments squeezing all of us), while we have low economic growth.

Name
Guest
Name

a low cad $ will really piss off trump.

Doomcouver
Guest
Doomcouver

A weird scenario of house prices crashing while everything else becomes more expensive is a very real possibility in 2018. What our dollar does is largely dependent on whether or not the steel tariff goes in or not. I would not be shocked if it doesn’t happen however because American producers will get completely crushed if they can only rely on domestic steel. It’s difficult to know what’s rhetoric and what’s policy as far as Trump is concerned, he likes to shoot his mouth off all the time and often doesn’t really mean what he says.

Dave
Member
I think Trump will pull a few more tariff stunts before this is all said and done. It’s both a good negotiating tactic and a good talking point for his base. Our dollar is going down either way IMO. The BOC will not raise rates as quickly as the Fed and that’s what’s going to kill our dollar primarily. The second thing will be economic slowdown should the housing market take the edge off our GDP growth (how can it not?). Oil is about the only thing that can keep our dollar up, but I see it trading near the top of it’s new range. I see prices going back down to low 50’s / high 40’s next Fall / Winter, which will pull the dollar with it. And if I’m wrong, how much upside is there really left with… Read more »
bullwhip29
Guest
bullwhip29

maybe a stunt/negotiating ploy but if trudeau/freeland don’t accept short end of stick then there will be no NAFTA rewrite. by killing the loonie, the BoC will give certain business sectors a big boost too.

Doomcouver
Guest
Doomcouver
Over the short term I’d agree with you the BoC doesn’t want to raise rates too fast at the moment. However they also won’t sit by and let our economy lapse into an inflationary spiral. When their back’s against the wall and they have to choose between completely obliterating the housing market, or controlling inflation they’ll choose inflation control every time. Because of this there’s a lower bound to how low they’ll let the Canadian dollar crash before they start ramping up rates (as a lower dollar is inherently inflationary). I can’t see the dollar getting past the mid 60 cent mark before the BoC starts aggressively hiking rates. Alarmingly this scenario could bring us to an ’80s-esque environment where we enter a recession with inflation and interest rates sky high. We’ll see how it plays out, it seems likely… Read more »
Dave
Member

I think Poloz will kick this can down the road as far as he can. I can see a few high inflation reports and him saying it’s temporary and there are exceptional risks at the moment, so we’re holding rates where they are.

I think anything under $0.75 starts becoming inflationary. Obviously every small shift affects us, but I see that as a turning point for broader repricing of goods in Canada. A lot of businesses and exporters suck it up until that point, but reprice below.

Burnabonian
Guest
Burnabonian

Everyone is missing the point.

If this goes through as per the rhetoric, it will be self-correcting because it will instantly revalue all properties.

Most people won’t have to worry about a high net tax burden on their multimillion-dollar crack shacks much past the first year because THERE WON’T BE multimillion-dollar crack shacks anymore.

That’s why it’s not a big deal.

The NDP will just gut BC families’ net worth by six and seven figure amounts, and then those families won’t have to worry about paying high taxes ever again.

bullwhip29
Guest
bullwhip29

i tend to disagree. this has been a shoot first, ask questions later type of market. it is clear that certain groups of real estate players have been perfectly content doing whatever the eff they feel like (despite chatter and threats “something” might be done) while many others simply sat and watched from the sidelines. now with the possibility the spec tax might be watered down or rolled back in some respect, i suspect anyone thinking of selling (or buying) will have to take this into consideration.

Patiently Waiting
Member
Patiently Waiting

I’m hearing it’s just tinkering for some rural areas (e.g. Gulf Islands) where BCers own cabins. Better not be more than that.

bullwhip29
Guest
bullwhip29

define “rural” and “BCer”

also, how on earth is she is going to pick and choose which “vacation” destinations are open for business and which ones won’t be? ie. who decided that pemberton/whistler should get a free pass, yet squamish is subject to FBT and spec tax?

and with regards to the proposed tax credit/local income offset, i can’t see how this could be rolled out in an equitable manner as well. you could have two individuals who happen to own similarly valued vacation homes in the same complex or neighborhood, yet the one who makes LESS will be penalized to a greater degree. makes no sense. i don’t proclaim to know what is going on in her head, but i can’t imagine these folks were her intended target.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Well, they didn’t run any models. Or even consider obvious problems like this. So of course they need to tinker.

Burnabonian
Guest
Burnabonian
I agree that the details of the legislation will determine it’s impact. No question. But even after they riddle it with loopholes and grey areas, such that a large number of people who have access to an accountant are able to get away with workarounds and dodges, damage will have been done to BC housing as an asset class. The reason is that it will be impossible to ignore that any housing purchase or ownership in BC involves leaving 6, 7, or 8 figures of your net worth in a fixed and illiquid asset in a jurisdiction that has the stated and legislated goal of punishing anyone who holds that particular exact asset class. Primary home, vacation home, investment, inheritance, speculation: If the government is going to default to charging you hundreds or thousands of dollars per month in punitive… Read more »
Doomcouver
Guest
Doomcouver

Exactly my thoughts. The loopholes and shifty tactics speculators might be able to employ won’t matter. The tax will snare a large portion of market participants only holding on to property for capital appreciation. Damaging the sentiment of BC housing as investment will be the bigger story here. This sentiment is already extremely fragile due to ridiculous overvaluations, new OSFI rules, rising interest rates, and reduced capital outflows from China. Adding a sufficient amount of toxicity to this investment class will likely divert a lot of speculative capital out of our province. Get enough of that happening and the rush to the exits in the broader market will be inevitable.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Burnobian, at that point they’ll simply up the tax rate to preserve total revenues.

backwardsevolution
Guest
backwardsevolution

“Corrupt Money Has Been Pouring Into Canadian Real Estate For Years

Stop us if you’ve heard this one before. Officials from foreign countries, with corrupt governments, show up with wads of cash. Amounts of money that don’t make sense in contrast to their salary, all to buy Canadian real estate. Not many questions are asked, because we’re not really looking for answers. It’s not like they’re hairdressers or waiters, where the government feels the “need” to audit income. If you’re from Vancouver, this is your daily news. For the rest of the world, welcome to the s**t show that Canada’s immigration and real estate markets have become.”

backwardsevolution
Guest
backwardsevolution

“Canadian real estate has become a washing machine for corrupt regimes. Everyone from Al-Saadi Gaddafi, the son of former Libyan dictator Muammar Gaddafi, to “lots of kids of corrupt Chinese officials.” Canada is easy to immigrate to, and up until recently banks would even knowingly help you circumvent your country’s capital controls. The only catch is you need a good reason, like buying a home. It shouldn’t be a big surprise to hear France’s Sherpa allege there are millions of dollars worth of Canadian homes, which are biens mal acquis. The term roughly translates to “ill-gotten gains.” However, it also refers to a wider movement in France, to stomp out foreign corruption. Biens mal aquis is anything, from questionable cash to residency obtained though fraud.”

backwardsevolution
Guest
backwardsevolution

“Over $30 Million In Residential Real Estate
Sherpa’s William Bourdain, along with the Quebec-based Coalition Biens Mal Acquis, allege twenty politicians and senior officials of “corrupt regimes in Africa” have been scooping up Quebec property. In a complaint filed to the RCMP, they count more than $30 million in transactions. As pointed out by Le Journal de Montréal, this includes a block of 10 condo units in a single Montreal building, bought by the brother-in-law of Chadian President Idriss Déby.”

https://betterdwelling.com/theres-a-st-ton-of-canadian-real-estate-owned-by-corrupt-african-leaders/

No sh*t, Sherlock!

Doomcouver
Guest
Doomcouver

That’s what you get in one of the easiest countries in the world to launder money. RCMP and FINTRAC need to start doing their jobs and hammer these crooks into oblivion. There’s no reason why Canada has to have such a poor track record on pursuing money launderers and international criminals in our borders. The time for niceties is over, we need more jail time and deportations.