City following up on declarations for empty home tax

It looks like the city is serious about the empty home tax, at least one commenter here has received notice of an audit.

Well it seems the City is following up on the declarations made for its Empty Home Tax.

We were just notified that we are being audited for declaring our home as occupied as a principal residence. Interesting, since we’ve been in the same location for many years, and there are many empty homes in our area. You’d think the City would look at the homes that have changed hands more recently, since these are the ones that are left empty!

 

240 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
trackback

[…] The BC Attorney General is headed to Ottawa to ask for more support to crack down on money laundering. […]

Combat Roach
Combat Roach
2 years ago

Donate? The devil believes that anti-immigrant people will have money donate.. The social loser will have the narrow vision… This kind of person’s only ability is only to call out the ring… The one who loses his ability will produce fear to the outside competition. …if Canada became a nation like this…it’s basically powerless…no strength..inability..not attractive…a whole loser country…

No new immigrants come in… The population is growing negatively… There are even pensions that can’t be afforded… The politicians are no longer silly… nor will they be stupid enough to listen to a couple of losers… a few complaints… of course… Maybe the politicians here haven’t had a brain… It’s not impossible…

Why don’t you care about how the “locals” are talking about how to oppose immigration… Despite the troubles… I wish they were going bankrupt early…

Name
Name
2 years ago

Average 30-year mortgage rates rose to 4.45 per cent

WASHINGTON – Long-term U.S. mortgage rates are ticking up slightly this week, the 10th increase in the past 11 weeks.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.45 per cent from 4.44 per cent last week. Rates are relatively low by historical standards, but they’ve shot up from an average that remained below 4 per cent last year. The benchmark rate averaged 4.23 per cent a year ago.

The average rate on 15-year, fixed-rate loans rose to 3.91 per cent from 3.90 per cent last week.

Name
Name
2 years ago

Is there a bright side for real estate with record-high gas prices?

http://www.news1130.com/2018/03/22/real-estate-gas-prices/

“Another way to look at it is that higher gas prices could reduce the value of real estate in some of our suburban communities,” he says.

Whistler or Bust?
Whistler or Bust?
2 years ago
bestplaceonearth
bestplaceonearth
2 years ago

They say no to building the economy, but they want everything else like higher wages, more money for education and medicare and everything else they think they are entitled to.

patriotz
2 years ago

“Suzanne Anton is the former attorney general and minister of justice for British Columbia.”

That is, the person who did nothing to stop BC from becoming a playground for corrupt foreigners and lost her seat last May. Who’s paying her these days?

Whistler or Bust?
Whistler or Bust?
2 years ago
Reply to  patriotz

Doesn’t change the fact every word in the article is correct.

The problem with the Eco-Terrorists is they refuse to engage in truthful dialogue. They simply stick to the script “No Tar Sands” without looking at the bigger picture.

Bag it and tag it
Bag it and tag it
2 years ago
Reply to  patriotz

I don’t recall hearing the cries, “where’s Anton???” from those on this board that were asking the same of Eby.

Selective Memory
Selective Memory
2 years ago
Reply to  patriotz

Of course, Suzanne Anton didn’t have a problem with foreign funding when it was flowing to the Liberal Party of BC. Million-dollar fundraising dinners for Christy Clark in the Alberta oil-patch. Corporate donations from foreign energy companies, like Petronas, and yes , Kinder Morgan.

Those days are over.

Spec
2 years ago

Oil companies would never fund political interests. They have only our best interests at heart….

patriotz
2 years ago

The numbers are in: Canadians really, really hate their premiers

But not in BC. Horgan is tied for Canada’s most popular premier.

YVR
YVR
2 years ago
Reply to  patriotz

Yet he is backing off the speculators tax. Was that part of the plan from day one?

patriotz
2 years ago

Horgan promises changes to B.C. housing tax amid mounting frustration

I hope they don’t back off, except for genuine rural properties, which comprise a tiny number of “second homes” in the designated zones.

Just me
Just me
2 years ago
Reply to  patriotz

if the NDP are stupid enough to cave into the pressure of entitled owners, they will pay a heavy price at the next election.
The people complaining are mostly people who voted for the BC Libs. The NDP voters by and large support the measures proposed in the February budget.

This is the moment to hold strong, not back off to the pressure of entitled millionaires. Everyone has to pay taxes, the system is broken and must be fixed.

Oracle
Oracle
2 years ago
Reply to  Just me

Then don’t waste time here. Write to them and get on mainstream social media.

As it stands right now, the tax is going to be axed.

Then back to square one.

Oracle
Oracle
2 years ago
Reply to  Oracle

Read the article. It’s clear they are going to water down the tax. Basically exemption for vacation homes. Every multiple homeowners will say it’s their vacation home. What a fucking joke.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Oracle

Well, they didn’t run any models or do any analysis. This was to be expected.

bestplaceonearth
bestplaceonearth
2 years ago
Reply to  Just me

Which type of personal are you? an ignorance, a NDP paid shill, a freeloader, or a failure to launch? No one with a brain want taxes jamming down their throats as they have paid enough taxes. You met all four!

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Just me

The entitled one is the one who feels hard done by because they have nothing yet somehow thinks they deserve to take what belongs to others just because they want it. Anything else would be “unfair”.

Bear Vancouverite
Bear Vancouverite
2 years ago

There are entitled on both sides. Luckily the tax helps to rebalance things a little, since many freeloaders were getting away not paying much tax at all.

YVR
YVR
2 years ago
Reply to  patriotz

I though they would have waited at least a few months before flip flopping again.

Bag it and tag it
Bag it and tag it
2 years ago
Reply to  patriotz

There needs to be a de-coupling of the FBT and Spec Tax…as it stands where one exists so does the other, which is fine except that in regions like Squamish and Sunshine Coast, which badly need the FBT, they were afraid to impose there because the Spec Tax would be unpopular with Vancouverites with their vacation homes in these areas….so they should at least impose the FBT without the Spec in those 2 regions.

YVR
YVR
2 years ago

Game on!

China to Target Trump’s Base in Tariff Response
Beijing prepares to deliver pain to President Trump’s support base, including with tariffs targeting agricultural exports

https://www.wsj.com/articles/facing-u-s-tariffs-china-plans-countermeasures-1521632332

Best place on meth
Best place on meth
2 years ago
Reply to  YVR

Let’s go to war!

Oracle
Oracle
2 years ago

Let’s do it. Teach china a lesson.

Oracle
Oracle
2 years ago
Reply to  Oracle

And lock up he treasonist a here while we’re at it.

Best place on meth
Best place on meth
2 years ago

Massive commercial operators continue to run illegal Airbnb hotels in Vancouver despite City of Vancouver’s “crack down”

https://thinkpol.ca/2018/03/20/massive-commercial-operators-continue-run-illegal-airbnb-hotels-vancouver-despite-city-vancouvers-crack/

Keep bombarding the COV with complaints.

Oracle
Oracle
2 years ago

They won’t do anything.

In Surrey they don’t do anything about illegal additions to homes.

backwardsevolution
backwardsevolution
2 years ago
Reply to  Oracle

Oracle – “In Surrey they don’t do anything about illegal additions to homes.” Oh, yes, they do. I know someone who had to move out because the place wasn’t up to code. The city shut it down.

Name
Name
2 years ago

just another BS lie by oracle who makes things up as he sees fit.

Just me
Just me
2 years ago

“Suite Living[1], who claim to be one of the largest furnished rental companies in Vancouver, has been promoting multiple short term rentals in Vancouver and Richmond through their website and Airbnb. Currently, it remains illegal to run STRs for less than 30 days at a time – with the exception of licensed hotels and bed-and-breakfasts.”

Just me
Just me
2 years ago

“‘Zul,’ on Airbnb has 12 units listed on Airbnb, 10 of them in my East Vancouver strata apartment building,” Rodrigues said. “At the end of my block, ‘Adam,’[4] has turned a family house into a six-room hotel called The Aviary. Top of the list is ‘Vanessa,’[5] [who] has a standalone operation called Vancouver Airbnb Management[6] [and] offers to ‘manage your Vancouver property on Airbnb while you sit back and reap the rewards of short-term rental.”

Just me
Just me
2 years ago

In an emailed statement, communications manager, Neal Wells, said, “Current enforcement is complaint-driven and is prioritized on commercial operators, nuisance properties and unsafe dwellings, none of which will be legal under the new policy. The city encourages anyone who suspects illegal short-term rental activity to report the address to VanConnect or 3-1-1.”

Lost...but not leased
Lost...but not leased
2 years ago

Greater Vancouver Housing Stats originally posted by realtor PaulB

March 21 New 193 Sold 138 TI: 8948
March 20 New 279 Sold 142 TI: 8931
March 19 New 307 Sold 120 TI: 8862

March 16 New 158 Sold 117 TI: 8743
March 15 New 154 Sold 127 TI: 8737
March 14 New 231 Sold 140 TI: 8749
March 13 New 277 Sold 159 TI: 8688
March 12 New 327 Sold 139 TI: 8642

March 9 New 139 Sold 91 TI: 8510
March 8 New 196 Sold 118 TI: 8496
March 7 New 204 Sold 99 TI: 8442
March 6 New 246 Sold 130 TI: 8372
March 5 New 316 Sold 104 TI: 8344

LS in Arbutus
LS in Arbutus
2 years ago

B.C. court ruling foreshadows flood of litigation, forced sales involving Chinese home ownership, lawyer says

http://vancouversun.com/news/local-news/student-wins-judgment-after-vancouver-real-estate-deals-fall-through

Student wins judgement when buyer (who has multiple mortgages on multiple other properties) can’t find funds to close purchase of her house. It’s a house of cards folks… and we were told it’s all bought with cash. Cash, my a$$! Everything is financed upon financed and we’re surprised?

Best place on meth
Best place on meth
2 years ago
Reply to  LS in Arbutus

For gods sakes, these vermin from china have made such a fucking mess of our real estate market with all the sick scams they’ve been pulling, it’s absolutely impossible to predict how this will end.

No major city has ever seen such large scale fraud, rape and pillage committed by waves of offshore scum like Vancouver has.

I just want them ALL deported at this point with no more allowed in.

Whistler or Bust?
Whistler or Bust?
2 years ago
Reply to  LS in Arbutus

You stole my comment!

I thought these were ‘ALL CASH’ deals?

Everyone here knew it was BS. Super Rich HAM buying with cash. More like 250% leverage.

Bhahahahaha!

What a joke. The house of cards is starting to tumble!

backwardsevolution
backwardsevolution
2 years ago
Reply to  LS in Arbutus

A house of cards is right! One great big giant Ponzi scheme, all on leverage.

Just me
Just me
2 years ago
Reply to  LS in Arbutus

“This court case resembles a number of Vancouver cases involving private lenders, and property purchases that appear to be financed with real-estate collateral and not backed by traditional income flow.

In some cases, real estate investors with roots in Mainland China have been contesting properties that are tied up in complex chains of community-based private loans, Postmedia has reported recently. Vancouver lawyers are also seeing a substantial increase in B.C. court cases filed by Chinese companies seeking to seize real estate assets from Chinese immigrants in B.C. Many of these cases involve allegations of opaque ownership, and lenders seeking to enforce debt judgments from Chinese courts.”

Just me
Just me
2 years ago
Reply to  LS in Arbutus

“Title documents show that the student Chang bought her West 14th Ave. home for $1.47 million in 2011, and sold it for $3.33 million in May 2017, following the collapse of the deal with Hua.

Mortgage documents for Hua’s 2000-block West 19th property, show that he lists his occupation as “general manage” and that he bought the home in 2011 with a mortgage from CIBC. At about the time he was to buy Chang’s home for $3.9 million, Hua bought a Shaughnessy home for $3.1 million and a Mount Pleasant area condo and condo on the UBC lands, worth $2.5 million in total.”

YVR
YVR
2 years ago
Reply to  LS in Arbutus

As soon as “private lenders” are involved you know there is significant leverage. Banks hand out the first 65% no questions asked.

Oracle
Oracle
2 years ago

Just got verbally attacked by a white racist.

I’m gonna have to pick a side here soon.

Be against immigration and face these assholes. Was it you BPOM?

Or be for immigration and not have to face these assholes but contend with high house prices.

I may have to change my stance after this ugly incident.

See Saw
See Saw
2 years ago
Reply to  Oracle

Why don’t you just get lost? Then you won’t have to feign outrage about that or anything else for that matter.

Oracle
Oracle
2 years ago
Reply to  See Saw

I feel like slapping you silly.

Oracle
Oracle
2 years ago
Reply to  Oracle

Multiple times.

Best place on meth
Best place on meth
2 years ago
Reply to  Oracle

Oh my god oracle, that’s just horrible!

Were any of your sock puppets injured?

Oracle
Oracle
2 years ago

Sickening feeling.

Open the floodgates to immigration and never own a house or

Close immigration and own a house.

Rock and hard place.

paulb
paulb
2 years ago

New
193
Price Change
45
Sold
138
TI:8948

http://www.clivestevepaul.com

Disgruntled
Disgruntled
2 years ago

Stephen Poloz: “Even I don’t know when interest rates may go up again”

https://ca.reuters.com/article/topNews/idCAKCN1GP1Y2-OCATP

Burnabonian
Burnabonian
2 years ago
Reply to  Disgruntled

TRANSLATION:

“First person to touch rates crushes the Canadian economy and the Canadian middle class…NOT IT! I will wait for war or Trump or something and blame it on that.”
-Stephen Poloz, March 21 2018

Doomcouver
Doomcouver
2 years ago
Reply to  Disgruntled

Poloz is acting like he’s got the balls to lock in rates while the Federal Reserve is jacking them up. Good luck with the inevitable massive currency inflation of the Canadian dollar there… 30 cent CAD/USD incoming…

Burnabonian
Burnabonian
2 years ago
Reply to  Doomcouver

+1

Bag it and tag it
Bag it and tag it
2 years ago
Reply to  Doomcouver

He’ll just create a new formula for inflation then increase the acceptable inflation range or say that it’s acceptable to exceed the range in certain circumstances.

kabloona
kabloona
2 years ago
Reply to  Doomcouver

Poloz tries that and then the loonie falls outta bed……most goods are imported so they shoot up as a result of the falling dollar. Poloz suddenly realizes he’s behind the 8-ball, jacks rates higher that he might have in the first place which gives the economy an unpleasant shock to the system……

Result no 1: House prices crash.

Result no 2: Canadian recession.

Result no 3: Poloz gets fired.

Screwed
Screwed
2 years ago
Reply to  kabloona

T2 is unable to fire anybody, including himself.

Name
Name
2 years ago
Reply to  Disgruntled

So Poloz either crushes the CDN dollar or he crushes the CDN economy. Talk about a rock and a hard place. What to do …. what to do ….

kabloona
kabloona
2 years ago
Reply to  Name

I predict he will play for time…drag his heels…hem and haw……eventually, of course he must follow the Fed on interest rates.

Doing otherwise would be idiotic and counter-productive in the the long run.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  Disgruntled

Poloz must be NDP…..

Vague on details…..Pulls policy out of his arse when cornered.

backwardsevolution
backwardsevolution
2 years ago

If Poloz were NDP, he would have hiked. But it soon won’t matter because he won’t have any say at all; rates are going up!

YVR
YVR
2 years ago

“If Poloz were NDP, he would have hiked.”

If the NDP were in power at the BoC they would have put a freeze on rates in BC last time the BoC raised just like they exempted credit unions from B20.

Selective Memory
Selective Memory
2 years ago
Reply to  YVR

Constantly lying just highlights the weakness of your argument.

The NDP did not exempt the credit unions, they were never subject to OSFI regulations in the first place.

Just me
Just me
2 years ago

You seem to believe that 16 years of BC Libs really introduced valuable legislation.
The effects are out there. For all to see.

Burnabonian
Burnabonian
2 years ago

RE: Empty Homes audits, this is free money for the city as executed by self-righteous snivel servants.

Calling them modern day carpet baggers is is a little strong of course.

But it’s hard to imagine their enforcement to be weak since pretty much every time they tape a notice to a door and nobody obliges, the city gets a cheque for tens of thousands of dollars.

That’s enough to pay a hairy-assed assessment worker’s union salary and benefits package for literal WEEKS.

TL;DR empty homes audits are a license to print money and they city will be conducting them with vigour.

Name
Name
2 years ago

Scotiabank CEO downplays concerns raised over Canadian debt levels

http://www.news1130.com/2018/03/21/scotiabank-ceo-downplays-concerns-raised-over-canadian-debt-levels/

“TORONTO – Scotiabank’s chief executive says he disagrees with recent red flags raised over Canada’s high debt levels by an international body, and that he is “comfortable” with the lender’s risk profile.”

please move along, nothing to see here …

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Name

Re Scotia Bank

Isn’t this bank the one that had THE most liberal lending practices of all the big banks ?

Doomcouver
Doomcouver
2 years ago

Yeah, “Relax guys, it’s all going to be fine. Can I offer you a massive sub-prime loan?”

Burnabonian
Burnabonian
2 years ago
Reply to  Doomcouver

“…I get my bonus whether you go bankrupt or not. And if you do, I am covered by insurance PLUS I get to lend you the same money at higher rates. It’s a win-win in the sense that I win and I win! Relaaaax fella…you need a rest guy!”

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Name

Under what circumstances would he say he’s “uncomfortable” with the risk profile? How would the shareholders react if he did?

Bear Vancouverite
Bear Vancouverite
2 years ago

I think I finally understand YVR’s constant blaming of the NDP for the housing bubble. What YVR is saying is this. Imagine he was being fed 3 meals of KFC and McDonald’s every day for the past 16 years, and was now facing the consequences of being 3 times the average weight of his peers and at serious risk of heart failure, he’d be blaming the fitness trainer his wife hired last September for not correcting his health and obesity problems quickly enough. He might also constantly complain about how his doctor has reformed his diet so he can’t gorge on food anymore, but his fitness instructor still allows him to eat light snacks that comprise maybe 15% of his former diet of junk food. Absurd? Absolutely, and yet we see this type of denial all the time, in housing,… Read more »

Doomcouver
Doomcouver
2 years ago

Don’t forget it’s also like getting paid more the bigger a debt-pig you are.

YVR
YVR
2 years ago

I only blame the NDP for the part under their watch. I like to look forward and talk about who is in power now not in the past like you. Lets look at the facts. If you estimate property values are 50% too high then the NDP are 35% responsible for this in their short time in power.

Today $1,000,000 property price
At election $825,000 same property
Fair value $500,000
NDP responsible for for 35% of the bubble (as of now)
Within the 1 year anniversary they could be up to 50% responsible.

Oracle
Oracle
2 years ago
Reply to  YVR

I agree. Condo prices up 40% in Fraser valley since election. Like WTF?.

Name
Name
2 years ago

BC’s Attorney General going to Ottawa to talk to MPs about money laundering:

http://www.news1130.com/2018/03/21/bc-attorney-general-ottawa/

“BC’s attorney general plans to head to Ottawa to ask for more support as that politician ramps up his crackdown on dirty money.”

Where’s that idiot who keeps asking ‘where’s Eby’?
Well he’s on the case trying to fix 15 years of corrupt Liberal government.

Doomcouver
Doomcouver
2 years ago
Reply to  Name

You mean you can’t fix 15 years of systemic government incompetence on the first day? Shocking…

YVR
YVR
2 years ago
Reply to  Doomcouver

We are on about day 200. Still nothing fixed.

Money laundering is illegal. Why have we not seen charges? Under the Liberals people were charged. They didn’t waste their time grand standing.

Casinos still doing same old, same old. All consultant studies and political spin.

Best place on meth
Best place on meth
2 years ago
Reply to  YVR

“Still nothing fixed.”

Corporate political donations were banned in the first week.

That’s the most important move of all, it sets the stage for the rest of the massive clean up.

YVR
YVR
2 years ago

First week, no way. In fact similar legislation was put forward by the Liberals in the first week. It was rejected by the NDP. Then Horgan held several pay for access dinners over the next few months before the legislation was brought in by the NDP and Greens. In any event Horgan and the NDP have been receiving massive donations for 16 years from unions which they have yet to pay back with high priced contracts. Wait until you see your taxes and the deficit after the coming government union contract negotiations.

Best place on meth
Best place on meth
2 years ago
Reply to  YVR

First month then, whatever.

Desperate Libcreds were falling over themselves trying to copy the NDP platform to stay in power.

Krusty is such a disgusting piece of shit.

Bestplaceonearth
Bestplaceonearth
2 years ago

And putting their hands on the tax payers pocket. They screw the rate payers either way.

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Name

“Who’s” Eby?

Just me
Just me
2 years ago
Reply to  Name

You gotta love David Eby.

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Just me

Few tidbits.. Apparently Eby has to(via legislative obligation) submit some sort of report to Lt.Gov.”useless”Guichon by March 31. I guess he’s going to thank her for her stupid move to allow NDP and 3 Greenhorns under auspices they could actually form a viable (aka useful)gov’t. Maybe that’s why Eby is going to sit on Trudeau’s lap and cry about the corruption in BC R.E…as he is too afraid to say”foreign locusts” BTW..we had a look at Government House last week….Public Tours once a month. It sits on approx 30 acres of prime real estate. Talk about underutilized public asset. So Guichon is effectively a renter, with a primary residence in the Interior. She should have either rented out rooms or AirBnB’d the place. Only good news is “useless” Guichon will be evicted soon..to be replaced by another female, with blessing… Read more »

kabloona
kabloona
2 years ago

Fed hikes rates, lifts economic forecast, signals two more rate hikes this year

https://ca.finance.yahoo.com/news/federal-reserve-fomc-announcement-march-2018-183508716.html

“On Wednesday, the central bank announced an increase in its benchmark interest rate target range by 0.25% to a new band of 1.5%-1.75%. This move puts the effective fed funds rate at around 1.63%, the highest since September 2008. All eight voting members of the FOMC voted in favor of Wednesday’s decision.”

Over to you, Poloz….

😉

Doomcouver
Doomcouver
2 years ago
Reply to  kabloona

Poloz will fall in line with Federal Reserve policy like every BoC Governor before him. Bye bye housing bubble.

backwardsevolution
backwardsevolution
2 years ago
Reply to  Doomcouver

Yes, you are right, along with every other central bank out there who have been part of this massive liquidity experiment.

Doomcouver
Doomcouver
2 years ago

Yup, next stop, 1980s interest rates.

Spec
2 years ago
Reply to  Doomcouver

For 1980s interest rates, there’d have to be late 197os/early 1980s inflation. I have that in the “not likely” column.

Doomcouver
Doomcouver
2 years ago
Reply to  Spec

If he falls behind the fed on jacking up interest rates, watch how high our inflation gets. I don’t think it’s likely, but definitely within the realm of possibility.

SilentBob
SilentBob
2 years ago
Reply to  Spec

$1.50+ for a liter of regular gas, $3 for a loaf of bread. Nope, no inflation here, carry on.

Gnomes of Zurich
Gnomes of Zurich
2 years ago
Reply to  Doomcouver

‘Dark money’ rules the world.

https://dailyreckoning.com/dark-money-runs-world/

They meet every month in Switzerland

And you thought it was our celestial friends.

Lost...but not leased
Lost...but not leased
2 years ago

Interesting article…but no surprises
However…there is even DIRTIER $$$$ out there…

When the crash of 2008 occurred, the system was bailed out with proceeds from drug cartels which provided a massive $$$ injection.

Best place on meth
Best place on meth
2 years ago
Reply to  kabloona

“Over to you, Poloz”

Poloz elects to punt.

kabloona
kabloona
2 years ago

CNBC: Here’s how artificial intelligence is replacing real estate agents
9:15 AM ET Tue, 20 March 2018

“To sell homes, REX computers crunch thousands of data points to identify likely buyers & targets them with digital ads.”

https://www.cnbc.com/video/2018/03/20/heres-how-artificial-intelligence-is-replacing-real-estate-agents.html

Will likely be banned in Canada….

😉

Spec
2 years ago
Reply to  kabloona

Been saying this for years: If the business model relies on information asymmetry, it is doomed. Information cartels are on their way out.

Simple Solution
Simple Solution
2 years ago
Reply to  Spec

Transparency would put realtors out of business. Imagine how efficient the stock market would be if pricing data was as tightly controlled….

Name
Name
2 years ago

Yes because we can never see the price or bid/ask of a stock at any given time. LOL.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Name

That’s the point he was making, dummy.

YVR
YVR
2 years ago
Reply to  kabloona

The RE industry could be replaced with an Ebay like platform. Just wait for Amazon in the US to take over the industry there as the first step. Bezos has to be considering it.

Best place on meth
Best place on meth
2 years ago
Reply to  kabloona

You don’t need any intelligence to replace real estate agents.

Sebastien
Sebastien
2 years ago

Here’s an idea I had regarding taxes and astronaut families:

– Impose a 2% property tax on every single real estate owner in the province. Personal or corporate.
– Abolish the PST.
– Abolish personal and corp. income taxes and the new payroll tax.

Would it balance?

DaMann
DaMann
2 years ago
Reply to  Sebastien

Not even close…by a long shot

patriotz
2 years ago
Reply to  Sebastien

Total RE assessment province wide is $1.86 trillion, $1.86 * 10^12.

Times 2% is $3.92 * 10^10, $39.2 billion.

Total budget is $47 billion, So that might well balance given there are other revenues such as federal cost sharing and resource royalties. Details here if you’re interested. But the problem is if you actually imposed the 2% tax province wide, RE prices would crash so 2% wouldn’t do it anymore.

http://bcbudget.gov.bc.ca/2016/bfp/2016_budget_and_fiscal_plan.pdf

Simple Solution
Simple Solution
2 years ago
Reply to  patriotz

How about this:

1% asset tax on ALL assets
No income tax
Consumption tax on everything except food and shelter
Get rid of ICBC

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

Sounds like an awesome idea if you have no assets.

Lost...but not leased
Lost...but not leased
2 years ago
Reply to  patriotz

So call it BS

We need to impose a “vacancy tax” for NDP politicians and supporters
……aka between their f*cking ears.

Spec
2 years ago
Reply to  Sebastien

Also, no too many folks would view themselves as “winners” in this situation, so it’s a political loser (even though it may well be sound policy).

Burnabonian
Burnabonian
2 years ago

Lady on the news this morning from some BC association of Daycares.

Said that the NDP’s promised day care price break “by April 1” was done without consulting with the providers, is unfair to smaller operations, and is an unclear jumble in which the advice from the minister contradicts the legislation which contradicts the advertising. #justndpthings

No doubt that the spec tax will be just as badly done.

But that’s the point. Ironically, that’s why it will work.

Moving too fast and ignoring subtleties and complexities creates a hostile, changing, unclear regulatory environment. Which is the enemy of wealth preservation.

This will torpedo BC’s status as a stable and opaque piggy bank for both wealthy Albertans and global money launderers — purely by accident.

Buckle up for this decade’s Fast Ferries folks.

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  Burnabonian

Re Daycares….

Left wing ideology, which seems to be the operating system lurking below the surface, would likely have an end game of gov’t funded DayCares being unionized…ironically as NDP is ideologically opposed to Private Schools.

YVR
YVR
2 years ago
Reply to  Burnabonian

“No doubt that the spec tax will be just as badly done.”

Everything the NDP will do will be poorly thought out.

Look at how they came up with the bridge toll plan. There was no plan.

http://vancouversun.com/news/local-news/for-whom-the-bridge-tolls-how-the-ndp-decided-one-morning-to-scrap-tolls

Burnabonian
Burnabonian
2 years ago
Reply to  UBC in crisis

Sounds like >4.6 million didn’t sign the petition.

Or more if you count Alberta residents who will also be affected.

Doomcouver
Doomcouver
2 years ago
Reply to  UBC in crisis

All their belly-aching is like music to my ears. This petition will do nothing because the NDP don’t care about people outside BC because they don’t vote: as it should be. If the Albertans don’t like it, they can sell their vacation home and rent an illegal airbnb like everyone else. Under-utilized real estate by the wealthy is a big reason why it’s so impossibly expensive to buy a home in the province.

patriotz
2 years ago
Reply to  UBC in crisis

The first person to make a comment. How many realtors in BC?

Marv Beer·3 weeks ago
This is an unfair, poorly thought out tax that is simply a cash grab on hard working Canadians. It will kill tourism, kill job creation and send BC into an economic tailspin. Ok the BC NDP should cancel this tax immediately!

https://www.royallepage.ca/en/agent/british-columbia/salmon-arm/marv-beer/34916/

Bear Vancouverite
Bear Vancouverite
2 years ago
Reply to  patriotz

In 2015, the BCREA said this: ” there are 22,005 licenced real estate professionals in the province”.

So even if 30,000 sign the petition it could be all realtors and speculators.

Remember, “It is difficult to get a man to understand something, when his salary depends upon his not understanding it” (- Upton Sinclair)

YVR
YVR
2 years ago

Actually for realtors this tax would be good if it causes sales.

Doomcouver
Doomcouver
2 years ago
Reply to  patriotz

“How many realtors in BC?”
– Too many

Best place on meth
Best place on meth
2 years ago
Reply to  patriotz

“How many realtors in BC?”

More importantly, how many of them couldn’t pass a grade 12 English test?

patriotz
2 years ago

Pat Carney owns a residence on Salt Spring and also a million dollar condo in Vancouver. Just the typical poor Salt Spring Islander, don’t you know? As a former long term MP, cabinet minister, and Senator, she gets well over $100K a year pension. But she’s speaking out against the spec tax.

http://vancouversun.com/news/local-news/speculation-tax-will-hurt-rural-b-c-and-should-be-withdrawn-former-senator-pat-carney-tells-john-horgan

Just me
Just me
2 years ago
Reply to  patriotz

This spec tax must be doing something right. So many entitled boomers are up in arms.
It really touched a nerve.

Advise to the NDP: do not give up. Enforce the spirit of the tax . It will pay off at election time. Especially in Metro Van.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Just me

The tax wasn’t supposed to negatively impact those who live and pay taxes in the province, remember?

Whistler or Bust?
Whistler or Bust?
2 years ago

Yep. This isn’t a jealousy tax. People who paid taxes in BC and continue to should not be punished.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

“Enforce the spirit of the tax”, right Just Me?

patriotz
2 years ago

“People who paid taxes in BC and continue to should not be punished.”

The question is how much taxes. What would you say about someone who has never paid more than $1000/year income tax and owns a million $ “second home”? I’d say it’s very likely they’ve been engaging in income tax evasion.

And the government has said that they will take past taxes into account for people like retirees.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  patriotz

Is that the case here? No? Then why are you moving the goalposts?

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  patriotz

Gov’t has SAID a ” LOT ” of things….convert this vagueness to something more concrete and tangible.

Rest assured many NDP supporters have 2nd(or more) properties.
The NDP credibility is already shot, they should be in damage control, (unless of course everything is going according to plan.)

OR they may instead focus on 300,000 civil servants who feel they are” owed” something in next contracts. Owed what ?

patriotz
2 years ago
Reply to  Just me

” So many entitled boomers are up in arms”

Actually Carney isn’t a boomer. But she is from China 🙂

bestplaceonearth
bestplaceonearth
2 years ago
Reply to  Just me

It touched a nerve because the NDP and Carol James got it all wrong. And the freeloaders like yourself want to have your filthy hands in the pockets of others. Let see if the NDP will have gutt to stand up to all the unions.

Oracle
Oracle
2 years ago

Without unions it’s a 7 day workweek and 12 hour days.

Oracle
Oracle
2 years ago
Reply to  Just me

Make sure you write to the 2 people in charge. Eby and James. By far the most important people.

Name
Name
2 years ago
Reply to  patriotz

Pat Carney doesn’t seem to hear the irony of her own words …

Name
Name
2 years ago
Reply to  Name

if Pat Carney owns a million dollar condo in Vancouver while living on Saturna Island then she is by definition a speculator and should pay the tax. I don’t see what the problem is here. She could sell the condo or the cabin if she wants to avoid the tax.

Strata Hacker
Strata Hacker
2 years ago
Reply to  Name

How’s owning 2 homes “by definition “ a speculator? Obviously English is not your native language.

Name
Name
2 years ago
Reply to  Strata Hacker

You are either not paying attention or you are as dense as a rock. For the purpose of this exercise owing two or more homes is the definition of a speculator. That is the whole point of this tax; to encourage speculators to unload their empty and unused homes back into inventory.

patriotz
2 years ago
Reply to  Name

“owing two or more homes is the definition of a speculator.”

No, you could own 10 properties and if you just want to get your returns from renting you’re not a speculator. REIT’s aren’t speculators. But if you own a property and keep it empty, you’re a speculator.

patriotz
2 years ago
Reply to  patriotz

“owing two or more homes is the definition of a speculator.”

If by “home” you mean personal residence, yes. I’m used to seeing people use “home” to simply mean “property”.

Whistler or Bust?
Whistler or Bust?
2 years ago
Reply to  Name

Why is it a crime for BC residents to own more than one property. This is not the USSR. People are allowed to do whatever they want with their money that they paid income tax (in BC) on. This tax was to stop non-residents from parking money in BC homes.

Simple Solution
Simple Solution
2 years ago

Yes, people are allowed to do whatever they want with their money. Governments are free to tax how they want. Its a free world….

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago

They paid tax when they earned it, they paid tax when they spent it, they pay annual taxes to own the thing. But that’s not enough for the have-nots. They want to drag everybody down to their level rather than pull themselves up.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Name

No, that’s not the point. It wasn’t meant to impact those who pay income tax in BC. And you call others dense….

kabloona
kabloona
2 years ago
Reply to  Name

If poor ol’ Pat Carney the Senior Citizen needs to visit Hongcouver to occasionally go to the Doctor (as she claims in the piece) why not just sell the condo? A million bucks pays for a lot of AirBnB rentals, I imagine….

They have doctors in Victoria, too, I understand….

😀

And you’re in you 80s, woman!!! Spend it now while you’re still breathing air instead of dirt!!!

Or just stop whining and PAY THE TAX!!!

Bag it and tag it
Bag it and tag it
2 years ago
Reply to  kabloona

Or just stop whining and PAY THE TAX!!!
But then should be less rich…

YVR
YVR
2 years ago
Reply to  patriotz

Pat Carney is right.

“The issue is fraudulent corrupt speculation which is destroying our cities … that is who he is targeting and it shouldn’t be rural British Columbians.”

I bet the NDP flip flop on this anyway and people like Carney will not pay any extra tax.

patriotz
2 years ago
Reply to  YVR

“The issue is fraudulent corrupt speculation which is destroying our cities … that is who he is targeting and it shouldn’t be rural British Columbians.”

It’s Carney’s empty million $ condo in Vancouver that might be subject to the tax, not her home in Saltspring.

YVR
YVR
2 years ago
Reply to  patriotz

Once they come out with the details I bet all seniors will be exempt and it will be a very low bar for income taxes paid in the past to be exempt. Personally I would like to see everyone with a vacant second home taxed but I bet Carney and others like her will be exempt.

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  patriotz

patriotz…you are usually a details person….
Carney’s cabin is on SATURNA…

Regardless….I say she is spot on.
As a politician/senator, she sees through the legislation as seriously flawed and alludes to it as irreparable.

The NDP lead us to believe that tax would NOT impact BC residents with 2nd properties who pay income tax here…correct ?

How come more and more parties are coming forward exposing this, while the NDP seems happy with the status quo of uncertainty ?This implies that the tax is a go and we will see economic carnage as people will flood the market with “For Sales”.

I’ve stated numerous times the rural market is its own creature and has little to do with affordability, availability etc.
If we need to delve further, this follows “AGENDA 21” with an agenda to depopulate the rural areas.

YVR
YVR
2 years ago

“As a politician/senator, she sees through the legislation as seriously flawed”

More like she see her tax bill potentially going up. Do you think if she wasn’t impacted directly she would be speaking out?

Lost...but not Leased
Lost...but not Leased
2 years ago
Reply to  YVR

Carney experience as legislator and senator implies she can smell BS in forthcoming laws and their consequences.

So what is she has skin in the game…..maybe that adds credibility. How come people are pissed?..because the evidence clearly states we were lied to by Guichon’s bad choice.

People are missing the point….forget the speculators tax…the NDP true colours are showing…class warfare, incompetence, left wing dogma….

NDP are too scared to admit they f*cked up…..honeymoon appears over.

kabloona
kabloona
2 years ago
Reply to  patriotz

I wept when I read about poor, poor Pat Carney and her million dollar Vancouver condo, the poor thing….

Unfortunately for her, they were tears of laughter….

😀

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  kabloona

She likely has a modest 2 bedroom condo given the stated value. Is that now considered to be a status symbol for the ultra rich?

It really is an envy tax, it seems.

Name
Name
2 years ago

“envy tax” you gotta stop parroting Garth.

Shut It Down Already (original)
Shut It Down Already (original)
2 years ago
Reply to  Name

He’s right. So why shouldn’t I? The have-nots here have confirmed that they simply believe that other people shouldn’t have nice things, because it’s not possible to be wealthy without being either lucky or a criminal. They want equality of outcome rather than equality of opportunity.

Perhaps you should consider changing back to your old name?

YVR
YVR
2 years ago

I think what people want is lower RE prices.

Name
Name
2 years ago

You gotta start thinking for yourself.

Just me
Just me
2 years ago

Working families on nominally decent income cannot afford to rent nor buy 2 bed condos in Vancouver in 2018.

She wants the privilege to have a pied-a-terre in Vancouver. She must pay for it. The world has changed.

Cannot have high home values and no taxes.

Whistler or Bust?
Whistler or Bust?
2 years ago
Reply to  Just me

I am sure the property tax on both her home is high.

Lost...but not leased
Lost...but not leased
2 years ago

Funny how(in the past) people have the right to choose their own paths..play by the rules that have been in place for years…..only to have default political parties “Guichon’ed” and cater to the lowest common denominators and effectively punish people.

aka If the NDP want to “fix” the issues..simply submit offers to purchase for fair market value ..as opposed to their historically cowardly tactics of taxation and uncompensated expropriation.

YVR
YVR
2 years ago

Vancouver has some of the lowest residential PT rates in North America. Not good for a place where most of the residents pay little or no income tax. In Texas there is no state income tax but close to a 2% property tax for everyone. For this property $13144 per year tax on a $700K (asking) property. Also not what you get for $700K in Dallas. That house could be $15M in Vancouver West. The tax and property price are related.
https://www.zillow.com/homes/for_sale/Dallas-TX/26651521_zpid/38128_rid/globalrelevanceex_sort/33.10017,-96.338425,32.534657,-97.217331_rect/9_zm/