Details on BC speculation tax

The BC Government has provided details of a new real estate speculation tax.

-.5 tax for BC owners
-1% tax for Canadian owners
-2% tax for non-canadiana owners
-Exemptions for BC owners under $400k
-Does not apply to rural vacation property

So what do you think, have they struck the right balance on this tax and what impact do you think it will have on real estate prices?

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Confucius
Guest
Confucius

This place is turning into an election loser spam forum. The liberals lost, suck it up. I was going to vote for them after they introduced the foreign buyers tax, but they lost my vote with the first time buyer helicopter money.

The NDP made changes to restrict the market. If the market goes down, they will continue to get my vote. If the market goes up, I expect more restrictions. That is how my vote will be determined and no amount of whining and insane lies will make me think otherwise.

Whistler or Bust?
Guest
Whistler or Bust?

Actually they won the most seats and the most votes. They didn’t lose at all.

Bag it and tag it
Member
Bag it and tag it

Hahaha…thanks for confirming you’re amongst those that can’t let go.
Yup they got most votes 35%…that should never ever give you power in a democracy….come on PR. These Lib fucks need a lesson in how a democracy is supposed to work…you need support from the majority.
With the big win I assume Christy Clarke is still celebrating somewhere since she hasn’t shown up to work for a while. You know why?

Selective Memory
Guest
Selective Memory

Can’t win for losin’

Specuskeptic
Member

I’m surprised none of he whingers have posted Kevin Falcon’s column from the Times Colonist yet – you know, one of the architects of this mess who has a lot of credibility when it comes to these things… *eyeroll.

Name
Guest
Name

+1 well said.

Lost...but not Leased
Guest
Lost...but not Leased

BC s curse is no viable opposition…

Vent all you want re Liberals…it’s a moot point now…who cares ?

……..but at least the NDP are increasingly consistent…
…NDP version 3.0 is set to outdo NDP 1.0 and NDP 2.0 COMBINED in less than a year.

Whoopee !!

Specuskeptic
Member
Poloz -> Rock // Hard place http://www.macleans.ca/economy/economicanalysis/stephen-polozs-job-is-about-to-get-harder/ “Both countries’ economies are growing but under Trump, the U.S. slashed corporate taxes and passed a US$1.3-trillion spending bill, which will juice the economy and make higher interest rates a given. The U.S. Federal Reserve already hiked once last week, and Canada has stood still. Canada doesn’t have the same fires stoking its economy. GDP growth is slowing, oil prices haven’t recovered, and the housing market is no longer providing the lift it once did. Markets were anticipating two more rate hikes this year, but the odds are now skewing toward just one. “We happen to think the Bank of Canada may not manage to pull off quite as many as the Fed,” says Eric Lascelles, chief economist at RBC Global Asset Management.” IF CDN rates don’t march more or less in step… Read more »
Specuskeptic
Member
Lost...but not Leased
Guest
Lost...but not Leased

WTF are people beating up on Poloz all the time?

FFS… Canada lost it’s economic autonomy decades ago..he’s like a fire juggler over an dynamite factory.

That said..I nominate Carol James to take his place bwhahahhahahahahahh

backwardsevolution
Guest
backwardsevolution

Poloz came in in June of 2013. Instead of raising interest rates (which would have stopped the runaway mortgage debt and we wouldn’t be in the situation we’re in right now), he continued to facilitate the mother of all bubbles. Way to go, Poloz! Way to pay off your friends!

Best place on meth
Member
Best place on meth

Poloz is a coward.

Afraid to raise rates from an insanely low 1% because he thinks it will crash the economy.

If it’s that fragile, just get it over with.

Specuskeptic
Member

Did I beat on Poloz? Have I ever? The post is sympathetic. Put simply, I stated that he’s stuck between a rock and a hard place.

Lost...but not Leased
Guest
Lost...but not Leased

The flying monkeys have been unleashed…
……if you wish immunity please post your address here
(____________________________________)

Just me
Guest
Just me

If Poloz stubbornly refuses to increase the base rate of interest, the long-term consequences will be especially negative for households’ debt. He claims he is worried about household debt, yet every additional day he keeps the base rate unnaturally low is an additional day of growing liabilities at the households level.

One would think households should use the low-interest rates to pay off principal and reduce leverage. The opposite is happening. And Poloz unnaturally low rates are responsible for the massive runup we have witnessed over the past 3 years.

xhistory
Guest
xhistory

https://en.wikipedia.org/wiki/Steve_Keen

Steve Keen, the patron saint of VCI, 65 years old today.
Happy birthday, Steve!!

Prof. Keen is well known for giving us the “The causal relationship between change in mortgage credit and change in house
prices, Positive Correlation 0.82”

go to Page 20
http://newcityagenda.co.uk/wp-content/uploads/2017/06/New_City_Agenda_Professor_Steve_Keen_08.03.17_FINAL.pdf

stagnate
Guest
stagnate

I hear you bud, our casinos are a bit nasty all round, a factory where the inputs are vulnerables and shady characters. as has been discussed here lately will be interesting to see how Eby makes out in these interesting times. I hope he realizes it’s not as simple as high school where it didn’t extend beyond looking out for the bullies.

stagnate
Guest
stagnate

not an easy issue boys, there was a time when b.c. was considered too ethical for any casinos at all. you walk in a casino it’s not like the tv ads. it was argued we needed the money and we were losing revenue to Las Vegas

xhistory
Guest
xhistory

They probably should start shutting down lottery kiosks at the same time as shutting down Asian gambling dens. But Eby is right to look for leadership from Ottawa… This is the Year we (Canada) has a quality in taking the initiative. Don’t squander it.

Best place on meth
Member
Best place on meth

“Leadership from Ottawa”

Good luck, Eby! May the Turd be with you!

Just me
Guest
Just me

Again, could you please spell out what exactly you mean? What is it not easy?

If a Chinese-gang Fentanyl dealer walks into a casino to launder his lot, shall we let him do it because of the positive effects on the bottom line of the Federal budget?

Might as well invite Russian oligarchs and Colombian druglords: I am sure RE developers, mortgage brokers, casinos and luxury dealerships would be grateful.

See Saw
Guest
See Saw

Why don’t you buggar off with all your fantasy tales; seriously, HOW MUCH ARE YOU PAID to be a relentless real estate shill, “Just me”?

Lost...but not Leased
Guest
Lost...but not Leased

BC NDP 3.0, like CRA, are more focussed on class warfare than justice. They would much rather target average citizen than some wealthy party.

Eby is blowing smoke up our collective asses, as I am going to predict NOTHING will happen on money laundering front..

When BC NDP 2.0 had the Glen Clark “full deck”scandal….they had previously manipulated the relevant legislation so that Glen Clarks legal bills were paid by the TAXPAYER…under auspices he was an” employee of the public,” which is how he was able to pay for top notch lawyer.

NDP suppporters…..get head out of ass…FFS.

Name
Guest
Name

Bassi/Virk fallguys defense was paid by the taxpayers too and that was under the BC Liberals.

Lost...but not Leased
Guest
Lost...but not Leased

Name…

BTW you have a doppleganger, or did you change your avatar?

Basi/Virk ?…irrelevant…

NDP has its acolytes believing they can walk from Victoria to Vancouver.

stagnate
Guest
stagnate

well I’m sure Eby is a nice proper lefty that only likes clean money, but in the real world people want their governments to at least try to balance the budget. the teachers and nurses are coming tough guy.

backwardsevolution
Guest
backwardsevolution

Most people on the Right and Left want clean money. They don’t want to see their country/city sold out to dirty money. Most people want a balanced budget too. Are you saying that you’re okay with “dirty” money, so long as that dirty money balances the budget?

Lost...but not Leased
Guest
Lost...but not Leased

“Clean” money?

The irony is a study a while back claimed that traces of illicit drugs are detected on most paper currency.

Just me
Guest
Just me

What are you suggesting? Shall we condone money laundering and drug dealing because it helps pay the bills?

Is it now a leftie thing to enforce the rule of law?

I think a much smarter way to raise revenues is to find a way to levy hefty taxes on people who move wealth to BC without paying income taxes.

Name
Guest
Name

Vancouver ‘notorious’ for money laundering, NDP seeks Ottawa support

http://www.news1130.com/2018/03/27/vancouver-money-laundering-ndp-ottawa/

“Eby’s also suggesting the former government had no interest in treating this type of crime seriously because shared revenues from gaming have been generous.”

So there we have it stated yet again. The BC Liberals aiding and abetting criminal activity that they directly profited from.
CC and co. should be in jail.

Just me
Guest
Just me

“Eby’s also suggesting the former government had no interest in treating this type of crime seriously because shared revenues from gaming have been generous.”

The former government was implicitly encouraging these “entrepreneurial types” to recycle their money in BC. Good for “the economy”.

KickThemOut
Member
KickThemOut

Vancouver population went up ~30K from 2011 to 2016. Did we built enough units for ~30K people in that time? That’s about 15K of NET NEW housing units.

An average low rise has like 60 to 100 units. An average highrise has 100 to 200 units. So let’s just use 150 units per condo building, that would be 100 new condo buildings between 2011 to 2016. Did Vancouver build that many?

http://www.cbc.ca/news/canada/british-columbia/bc-census-data-1.3971999

Just me
Guest
Just me

We did build more than enough:

https://www2.gov.bc.ca/gov/content/data/statistics/economy/building-permits-housing-starts-sales

The supply side recommendations are more of the same: more money lining the pockets of RE insiders, no solution to the money laundering problem.

KickThemOut
Member
KickThemOut

Did we really? Remember a housing start in 2018 wouldn’t be ready until 2020 at best.

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

No solution to the financial illiteracy of the local population, either.

UBC in crisis
Guest
UBC in crisis
Patiently Waiting
Member
Patiently Waiting

$10,500/month and you still can’t have a pet or smoke a cigar in your home. Also WTF is Little Australia? Is that where Wilkinson hangs out? The Point Grey ghetto?

patriotz
Member

It’s a small developed wedge between Chancellor Blvd and the golf course, It’s contiguous with West Point Grey but part of UEL. MLA is Eby. Note since it’s outside the CoV the City empty homes tax doesn’t apply, but the provincial tax does.

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

Of course the important part is that there are a couple of streets there with an Australian connection: Queensland, Tasmania, Adelaide.

patriotz
Member

Surprise, surprise (not).

“The changes lessen the pain, but we remain non-supportive of the speculation tax, even in its amended form,” Doug Gilchrist, director of community planning and strategic investment for the City of Kelowna, said Tuesday…

The Regional District of Nanaimo said it was pleased with Ms. James’s actions, with its chair saying he appreciated the minister hearing out the district’s concerns.

https://www.theglobeandmail.com/canada/british-columbia/article-amended-bc-housing-tax-still-doesnt-go-far-enough-to-protect/

Just me
Guest
Just me

Translation: we are really hoping that out of province as well as foreign buyers will keep giving us large amounts of money.

Patiently Waiting
Member
Patiently Waiting

In Kelowna, it’s either keep building McMansions for rich Albertans or become a bottle pimp. http://vancouversun.com/news/local-news/kelowna-to-fine-those-who-donate-empties-near-depots-or-give-cash-to-intersection-panhandlers

bestplaceonearth
Guest
bestplaceonearth

Why are you always wrong? The correct translation: this NDP does not know what it’s doing. Instead of creating wealth for BCers, this NDP taxes wealth of BCers.

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

Another translation: this is not a tax on speculation. If it were it would take holding period into account.

But Just Me hates successful people because it’s somehow “unfair” that’s not amongst them.

Just me
Guest
Just me

Keep defending the indefensible.

You are the knight in a shining armor for all tax evaders and foreign money launderers. Your staunch defense of their privilege to profit from RE without paying any taxes in remarkable!

bestplaceonearth
Guest
bestplaceonearth

What is the indefensible? If you are so right, why are you failing yourself?

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

Enjoying the things you’ve worked hard for is hardly criminal. For the record, because you seem unable to acknowledge or comprehend this and enjoy bringing out your tired strawman, I do not in any way condone or support criminal behavior.

You just want to reach into everybody else’s pocket.

Just me
Guest
Just me

If you worked hard, you presumably paid taxes (now or before). Then these taxes affect you minimally.

The taxes extract revenue from people who did not work hard in BC and are deploying their money here. Seems fair to me.

Mind you, the evidence about money laundering is that much of this money was not legally brought in.

bestplaceonearth
Guest
bestplaceonearth

Another stupid post – you believe too much in what Eby tell you. Try to compare how much laundering money vs. total real estate transaction in aggregate, and come up a conclusion. You keep reading too much what the news said, and it becomes your bible on these forums that make you sooo stupid. Huge failure on your part!

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

Wrong, the taxes extract money – on an ongoing basis – from everybody affected. Or perhaps you can flag the precise wording in the legislation which specifically excludes people who’ve worked hard, you utter clown?

Just me
Guest
Just me

I was expecting this silly rebuttal.

As specified in the latest update of the legislation, the vast majority of BCers will not be subject to the speculation tax in any meaningful way.

The tax is targeted to the 1% of homeowners who, for motives unknown, have vast amounts of housing wealth with no history of past or current income in BC.

I think this piece of legislation is long overdue. But feel free to go on and defend the right to evade taxes of many foreign m9oney launderers.

bestplaceonearth
Guest
bestplaceonearth

Sure, your NDP would drop you a box of free needles at your rental home.

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

For the last time I’m not defending criminal behaviour, imbecile.

You’re also misrepresenting the tax. Past income has no bearing, only current income.

It’s also not 1% of homeowners, it’s 1% of British Columbians. Because, duh, people who own nothing – like you – obviously aren’t impacted. The figure will be higher if (quite properly) considering all those who own two homes.

You have to misrepresent it, of course, because it’s not justifiable if you tell the truth. It’s being pitched as an “us vs them” tax to appeal to people like you.

Just me
Guest
Just me

“It’s being pitched as an “us vs them” tax to appeal to people like you”

This aspect is what makes the tax attractive to most people like me. Vancouver is fragmented around real estate lines. If you are an owner, you did very well, thanks to the influx of Chinese money and high leverage. However, much of these gains go untaxed. While people who show up for work every morning (the very people who keep the city humming) are hammered by income taxes.

Well said: it is us versus them. And it is about time things start changing. I am fed up with subsidizing public services for Chinese millionaires who declare poverty-level incomes while living in Point Grey. The last election showed that I am not alone thinking in this way.

bestplaceonearth
Guest
bestplaceonearth

People are smart with their money, and you are stupid with your money, now it’s worthless. You sit on your fat arse whining why it’s not fair to you. Suck it up!

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

You’re not subsidizing anybody. We’re clearly subsidizing you.

And to correct you again, gains in investment properties – the very thing we’re talking about – are subject to capital gains or perhaps even income tax. It’s not tax-free.

By bringing the subject back around to principal residences you only show what a jealous bitter little person you are.

Just me
Guest
Just me

Taxation of capital gains does not even begin to cover the social costs these Chinese millionaires are imposing on anyone else.

We are better off without the millionaires. If however we have to keep them, might as well tax them to the hilt. They pay virtually no income taxes, so we need to find other ways.

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

You’ve got no fucking idea what CGT revenues are presently or would be collected. You’ve also got no fucking idea what “social costs” you’re whining about are. Yet you think one is higher than the other.

Let’s just say you have no fucking idea and leave it at that.

Lost...but not Leased
Guest
Lost...but not Leased

Don’t give NDP credit…re correlating speculation tax and time frames

…..they created a mess and don’t have the intellect to define speculation at the start…they let the issue get out of control till it becomes a moot point..

OR..to an NDP supporter, anyone that owns anything that can appreciate in value is a speculator, time frames are irrelevant.

Just me
Guest
Just me

Suzanne Anton on CBC this morning. repeating the mantra of more supply as the only solution to the Vancouver housing disaster.

A solution to the tulip mania? Make more tulips available.

bestplaceonearth
Guest
bestplaceonearth

Anton nailed it, but only the freeloader failed to see it. Free housing and free needles for the freeloaders!

Just me
Guest
Just me

Supply certainly solved the problem in the last 16 years.

Build more condos and sell them to people with foreign money. Certainly great for developers.

Laibach
Member
Laibach

You should check if brain transplants are covered with MSP (given for free). It would be an ultimate opportunity for you to freeload something too.

Just me
Guest
Just me

Richmond woman’s petition calls for end of birth tourism in Canada

http://vancouversun.com/news/local-news/petition-calls-for-end-of-birth-tourism-in-canada

Best place on meth
Member
Best place on meth

All female locusts arriving from china should be subjected to a scan of the reproductive organs.

If any gestating spawn ARE found, the arriving passenger should be rejected from entering the country and immediately placed on the next flight back to china, usually a 7 minute wait.

If any gestating spawn ARE NOT found, the arriving passenger should be allowed 3 hours of shopping at McArthur Glen outlet mall conveniently located near YVR, rejected from entering the country and placed on the next flight back to china.

Sebastien
Member
Sebastien
Hyper-mega-Bull
Member
Hyper-mega-Bull
Laibach
Member
Laibach

Great, this horrid process of overall putrefaction must eventually stop.

Just me
Guest
Just me

““It’s not truthful, it’s deceitful and it’s short-sighted,” she said. “We don’t know what the consequences are going to be in 18 years. Are we prepared for it?”

The petition, identified as E-1527 in the House of Commons, is sponsored by Liberal Richmond MP Joe Peschisolido. It calls on the federal government to denounce birth tourism; determine the extent of the practice in Canada; and implement measures to reduce and eliminate it. It has received more than 620 signatures as of Tuesday. ”

Just me
Guest
Just me

““It’s wrong. It’s jumping the queue,” said Starchuk of the practice, an increasing trend in Richmond where the majority of birth tourists hail from China.

In 2016-2017, 384 babies were born to non-residents at Richmond Hospital, said Vancouver Coastal Health — a significant jump from 18 cases in 2010. Between 2014 and 2017, 1,020 newborns were born to non-residents.

The rise in birth tourism has spawned an underground economy with unregulated agencies and brokers offering services to pregnant clients, including airport pickups, room and board, and assistance with obtaining documents such as a Canadian passport for the infant.”

Sebastien
Member
Sebastien

1076 Nicola Street, Vancouver
Oct 16:$1,480,000
Mar 27: $1,000,000
Change: – 480,000 -32%
Ass:?

1706-2220 Kingsway, Vancouver
Nov 13:$1,089,000
Mar 27: $800,000
Change: – 289,000 -27%
Ass: ?

6614 Parkdale Drive, Burnaby
Sep 8:$3,888,888 (8!!!)
Mar 27: $3,098,000
Change: – 790,888 -20%
Ass: $2,691,000

6622 Parkdale Drive, Burnaby
Sep 8:$3,888,888 (8s!!! Same seller as above?)
Mar 27: $2,898,000
Change: – 990888.00 -25%
Ass: $2,703,000

6080 Azure Road, Richmond
Feb 5:$1,799,000
Mar 27: $1,450,000
Change: – 349,000 -19%
Ass: $1,678,800

6026 Eagleridge Drive, West Vancouver
Sep 5:$4,988,000
Mar 27: $4,295,000
Change: – 693,000 -14%
Ass: $4,606,000

305 5088 Kwantlen Street, Richmond
Mar 8:$980,000
Mar 27: $799,000
Change: – 181,000 -18%
Ass: $586,000

Laibach
Member
Laibach

Dolce Vita in Surrey…

With Surrey condo prices soaring, developers helped bankroll mayor’s $58K trip to Cannes

https://globalnews.ca/news/4109834/surrey-mayor-cannes-conference/

Best place on meth
Member
Best place on meth

WEAR PALL?!

yvr2zrh
Member

Paul B – – Where are you? 100’s of us behind the scenes await your drip of info . . . . . !!

Bag it and tag it
Member
Bag it and tag it

2 days in a row, and I can’t find Chipman stats anymore…

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

Google “robchipman” and it says “the site may be hacked” in the search results.

Specuskeptic
Member

The Facebook groups aren’t getting stats either. Weird…

Just me
Guest
Just me

Troubled China Conglomerate Puts All Properties on Block

https://www.bloomberg.com/news/articles/2018-03-27/troubled-china-conglomerate-said-to-put-all-properties-on-block

“CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter.”

Just me
Guest
Just me

“Almost 100 properties are up for sale, including its headquarters in an upscale Shanghai neighborhood, four floors of the Hong Kong Convention & Exhibition Centre and a condominium at the Trump World Tower in Manhattan, as well as hotels, residential apartments and industrial facilities, said the people, asking not to be identified because the deliberations haven’t been publicly disclosed.”

LS in Arbutus
Guest
LS in Arbutus

Nope, doesn’t remind me of Japanese companies in the late 80s/early 90s at all….

backwardsevolution
Guest
backwardsevolution

LS in Arbutus – perfect! The Japanese lost their shirts in the 80’s.

YVR
Guest
YVR

Anyone seen Eby? Is he back in hiding. He must be regretting joining the NDP in the first place. I suspect he is pissed the NDP flushed his plan down the toilet. Or is he just as spineless as Horgan and James? The trip to Ottawa when announcing this debacle tells me he was not on board. Maybe there is hope for him. He needs to cross the floor.

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

Saw Eby on news…
Re Expensive cars…apparently in 2013 there were 1500 cars purchased over $150,000 each….3 years later over 3,000 cars in this range.

Eby says there is no tracking of these funds.

Can you say money laundering?

LS in Arbutus
Guest
LS in Arbutus

So… how do you launder in this case? You end up with $150k car, but it’s not like there’s a big resale market?

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

And the car dealship ends up with $150K in 20s and probably aren’t equipped to securely store that amount of cash.

Just me
Guest
Just me

What about establishing a luxury car dealership using laundered money? That would work.

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

Great! And you have proof one exists, I assume? Oh wait, you don’t. It’s just another expansion of your conspiracy theory to avoid confronting the fact that you might be full of shit again.

Just me
Guest
Just me

I have no proof. Neither supporting it or excluding it.

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

It’s expected that you’d not be able to prove non-existence. Simple logic.

Just me
Guest
Just me

All luxury vehicle in Vancouver are being bought by local people investing their savings in Ferrari and Lamborghini.

All the 3000/year units.

The boom in the past year is just a by-product of our economic growth, right?

Just me
Guest
Just me

Can you say corrupt BC Libs?

Christy said we should not ask too many questions. It was good for “the economy”.

Bag it and tag it
Member
Bag it and tag it

I was chatting with Lynda Steele today about my question of how the Spec Tax will force Satellite Families to pay the 2% tax when it’s their Primary Residence and not a vacant empty home, so she told me she would ask her guest, SFU Prof Josh Gordon, today since they would be discussing the spec tax modifications….and sure enough she asked him. It’s actually a very good interview and worth a listen.
https://omny.fm/shows/steele-drex/will-the-amendments-to-the-province-s-housing-spec

Best place on meth
Member
Best place on meth

Heard it on the way home.

Geller is such a piece of shit.

YVR
Guest
YVR

I understand Gellers position as a developer. He wants high prices. What is the NDPs excuse for giving Geller everything he wanted and essentially rescinding the tax?

Just me
Guest
Just me

Time will tell if you are right. I think you are wrong.

The writing is on the wall: the taco se that now exist can be easily be revved up if prices don’t behave.

Just me
Guest
Just me

Great interview. Thanks for sharing.

Josh Gordon nailed it on the head. he calls it like it is, and openly tells Michael Geller that he is simply lining his pocket from foreign millionaires. Great!

Highly recommended.

See Saw
Guest
See Saw

That wet behind the ears “professor” doesn’t know which end is up. Best to ignore that one.

YVR
Guest
YVR

What Josh Gordon says about high priced home owners who declare little income will be flagged is BS. Most of the high priced homes are already in this situation. They already know what a house is worth, who owns it and what income tax the owner pays. We already know about all those poverty level incomes in RIchmond, Point Gray and West Van. I do not recall even one case where someone has been brought up on tax evasion charges for this. Not one case. Why would that change if someone now fills out a new form and says they make little or no worldwide income. It is near impossible to audit by the BC government. HAM knows this. Misrepresentation on BC tax form is nothing compared to federal income tax evasion.

YVR
Guest
YVR

Wow Michael Geller predicts the tax will be changed prior to this annoucement. NDP in developers pocket? How else could he know. I bet Horgan has a new deck.

Bag it and tag it
Member
Bag it and tag it

Love how he explained that since Satellite Families get so many free services and pay no tax other than Property, they are willing too pay more for properties which therefore benefits developers. And since it’s BC taxpayers that are picking up the tab for the services of these Satellite Families, it is in essence a transfer of wealth from taxpayers to developers.

backwardsevolution
Guest
backwardsevolution
Yes, it certainly is a transfer of wealth from taxpayers to developers. I think these developers should be absolutely nailed with fees in order to recoup these services. Strip them of any profit motive. Traffic is stopped by flag ladies, we get to sit idling in traffic for five minutes while trucks go in and out of construction sites, and all so some developer can build a hi-rise and make a fortune selling to corrupt foreigners who want to park their illicit money somewhere. As the professor said, because these foreigners all want in (to park their money and to get the free services), they create demand, which pushes prices up. So we citizens have to put up with constant construction, roads dug up over and over again, so some builder can get rich? I know at one point (back… Read more »
Just me
Guest
Just me
B.C.’s finance minister considered taxing the capital gains of real estate speculators http://vancouversun.com/news/local-news/metro-vancouver-board-gives-itself-retirement-allowance-pay-increase “Carole James said Tuesday that while preparing tweaks to her government’s new speculation tax this week, she did seriously consider a capital gains tax to penalize those who flip investment properties and further drive up B.C.’s real estate prices. But she said it would not have driven the owners of multiple properties to put their units up for long-term rental, which is a key goal of the final speculation tax. “Capital gains doesn’t do that,” James said in an interview. “It doesn’t encourage people. In fact because you may get targeted with capital gains when you sell your property, in fact for many people it might encourage them to hang on to their properties and just watch the appreciation go up as they’ve been doing. So that… Read more »
Bestplaceonearth
Guest
Bestplaceonearth

Hey paid shill, why don’t you stop posting the article and save some space! Stop jump for joy everytime you see your NDP god showed up in the news. They aren’t here to save you, and you are so screwed you can’t save yourself.

See Saw
Guest
See Saw

“Paid shill” is the least of it. He must have bloody fingers after typing so fast and furious; a real piece o’ shit besides.

Bag it and tag it
Member
Bag it and tag it

You could apply both taxes, but I agree, it would discourage people from selling so instead they could grandfather it in and only apply it to new purchases of investment properties as of today (so when new purchases are eventually sold obviously).

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

Flipping may already be subject to income tax – not just capital gains. Hopefully our finance minister knows this.

YVR
Guest
YVR

She probably doesn’t. Has she ever had a real job?

Just me
Guest
Just me

““Allowing strata properties to avoid the speculation tax through no-rental bylaws would create an uneven playing field in the designated urban centres where the tax applies,” the Finance Ministry said in a statement Tuesday.

“To ensure fairness, the province will provide temporary grandfathering for strata properties that prohibit rentals. If a strata council were to pass a new no-rental bylaw, the strata properties will not be eligible for the temporary exemption.”

The ministry did address a question about whether the government could force stratas to abandon restrictive anti-rental bylaws.

Despite the vague language, there’s no need for immediate concern by strata owners, said Tony Gioventu, executive director of the Condominium Home Owners Association of B.C.

“I think it’s just going to parallel the formula the City of Vancouver has done on vacant homes — it’s already working and it’s working just fine,” said Gioventu.”

Just me
Guest
Just me

‘Suspicious’ B.C. casino-cash transactions plummeted in February: Eby

http://vancouversun.com/news/local-news/suspicious-b-c-casino-cash-transactions-plummeted-in-february-eby

“In a presentation Tuesday to the House of Commons standing committee on finance, which is receiving input on amendments to the Proceeds of Crime and Terrorist Financing Act, Eby said that suspicious transactions to B.C. casinos had fallen to $200,000 in February from a high of $20 million in July 2015.

“We have reduced it by a factor of 100,” said Eby.”

Best place on meth
Member
Best place on meth

Ok, so Eby has reduced money laundering through casinos by 99%, but that still doesn’t answer the question of WEAR EEBEE!?

Specuskeptic
Member
YVR
Guest
YVR

He cherry picked the highest month in history. What was in Feb 2016? $200k is still too much and who knows if he is even telling the truth.

Just me
Guest
Just me

Mike de Jong instead….

Just me
Guest
Just me

“The recommendations also include a call for legislation that requires the reporting of money held in lawyer’s trust accounts, noted as an impediment to police investigations involving the movement of money through real estate and other financial sectors.

Casinos, banks, securities dealers, real-estate brokers, accountants and notaries must report suspicious transactions to FINTRAC, but not lawyers.

The recommendations also call for more policing resources to tackle financial crime and for tracking of cash purchases of luxury vehicles.”

Just me
Guest
Just me

“Eby was in Ottawa to make recommendations to the finance committee based on initial recommendations from German, whose full review is due at the end of this week.

There are expected to be more recommendations the B.C. government will act on.

Among the recommendations presented to the federal committee is a call for better use and action by law enforcement officials on information stored with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s chief finance intelligence unit.

“An anti-money laundering system that rigorously enforces compliance with reporting, but then has inadequate action on those reports, puts a sheep mask on a wolf’s face,” Eby told the finance committee.”

Bag it and tag it
Member
Bag it and tag it

More like a wolf mask on a sheep face, but whatever

Just me
Guest
Just me

“Eby told the federal committee, however, that he didn’t believe the initial changes had solved the problem.

“I believe that money has moved elsewhere, and I also believe we have a concern that needs to be dealt with bank drafts,” he said.

As part of its rolling investigation into money laundering in casinos, Postmedia earlier reported that B.C.’s gaming enforcement branch is concerned that many bank drafts, which can be used to fund patron gaming accounts for high-stakes gamblers, could have suspicious origins.”

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

Kim Jong Un makes first trip from North Korea to China….

Hyper-mega-Bull
Member
Hyper-mega-Bull

personally i think this is good for usa and trump.

YLTNboomerang
Member

Been away for a while as we upped and moved to the USA but good to see the site still going and indication that the market is finally adjusting. The one thing I just don’t get is why didn’t the NDP just make the tax province wide? So much simpler to administer…

patriotz
Member

“The one thing I just don’t get is why didn’t the NDP just make the tax province wide? ”

One, the housing crisis isn’t province wide, and two, there are big parts of the province where legitimate vacation properties are an important part of the economy.

YLTNboomerang
Member

Sure, but it becomes wack-a-mole. Squamish is not covered so speculators move there next. If housing is not a problem in Salmon arm, there should be no impact or issue with a foreign owner/empty home tax. Make the “vacation home”areas where it is critical to the economy the exception, you might have 3 or 4 exception regions.

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

So now some vacation properties are “illegitimate”?

Just me
Guest
Just me

Yes if they are in Metro Van. Go buy one in Whistler if you want.

YVR
Guest
YVR

“One, the housing crisis isn’t province wide”

Sure it is. When crap hole houses are selling for $500K in the Kootneys that is a crisis.

Oracle
Guest
Oracle

So what’s everyone’s plans after D-day has come and gone and lost?

After all the NDP Flip Flops, there is no way they let the PR referendum passes. So most likely scenario is we go to the polls in the fall. So much for the NDP experiment.

If they do let PR pass (highly unlikely), then 2 of the 3 parties will always block housing action because they can’t agree on a course of action (how convenient).

So what’s everyone’s plans after D-day has come and gone and lost?

Me first: I’m highly mobile workwise in lower mainland so I’ll move further into Valley. Also have a half Vancouver house inheritance coming probably my kids way in the future. Also have a home and farm overseas to fall back on.

What about others?

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

Biggest Loser is Andrew Weaver and Greens…
Dr. Math Professor should have insisted any/all NDP plans be modelled, which the NDP did not do.

Anyone with a modicum of intelligence could have seen the blowback coming, ……..moreso this time of year when people start to access their cabins etc….now they are more pissed than a bear exiting hibernation.

One has to presume Greens are not party to (ie not consulted) what the NDP drafts and tables, or even if they did…all the NDP moves are going to blow up in Greens faces……guilt at minimum by association.

Peoples outrage should be directed at Greens and Guichon…going down as BC worst ever Lt Gov.

Finally PR is DEAD……DONE…and good riddance to the concept…luckily we got off lucky this time as the NDP F*cked up sooner than normal.

Oracle
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Oracle

Carole James has just said now that they could further tweak the Speculation Tax for BC residents who are not yet Permanent Residents but live here 6+ months a year.

WTF??

YVR
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YVR

By the time the NDP are done tweaking this spec tax they will be sending out cheques to home owners. The NDP are spineless.

Just me
Guest
Just me

Foreign Buyers Starting to Drive Up Housing Prices in Quebec

https://www.bloomberg.com/news/articles/2018-03-27/foreign-buyers-starting-to-drive-up-housing-prices-in-quebec

“Foreign buyers of real estate in Quebec are putting “marginal” pressure on prices while still accounting for a tiny sliver of the market relative to Vancouver and Toronto, according to new data released by the French-speaking province.”

See Saw
Guest
See Saw

Oooooh! There’s that “Yellow Peril” at it again. Why don;y you buggar off with all your BS?

Oracle
Guest
Oracle

I’m waiting for Calgary. As soon as NDP out of there, Kenney will ramp up immigration. Rents and everything will shoot up like crazy there.

Buy 2. Prices double. One paid off.

Just me
Guest
Just me

“Last year’s land-registry data — compiled by JLR Solutions Foncieres — show foreign buyers bought single-family homes that were twice as expensive on average as those acquired by Quebec residents, the finance ministry said. Co-ownership properties acquired by foreigners were 40 percent more expensive than those bought by Quebeckers, the ministry also said.”

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

Quebec ? Confederation’s spoiled child
bawahahahahahahaha

What comes around goes around baby..

These confederation cockroaches took advantage of the investor program, whereby foreigners with net worth of $1.6 million “lent” Quebec gov’t $800,000 interest free for 5 years( principal returned )

….this back door approach allowed an estimated 46,000 foreigners who subsequently moved to Vancouver and Toronto and acquire Permanent Resident status.

I hope these foreign investors pile into Quebec..F*ck em….payback is a bitch…

Whistler or Bust?
Guest
Whistler or Bust?

Yep!

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

Why not quote the part which says that buyers from the USA number twice as many as those from China? Or that foreign buyers overall are but 1% of the market? Or point out that if foreigners are buying at the high end of the market then they’re not actually competing with locals?

Oh wait, I think I know.

Just me
Guest
Just me

How about this quote? Look especially at the end of the paragraph….

“U.S.-based buyers made up the biggest share of foreign acquirers with 32 percent of all transactions. French buyers were next with 20 percent, followed by Chinese nationals at 16 percent. That’s a marked contrast from 2006, when Chinese residents accounted for just 1.3 percent of all foreign home transactions in Quebec.”

The trend is your friend.

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

You have two data points and you’re extrapolating. That doesn’t surprise me.

Just me
Guest
Just me

You are the guy who claims we should use the data. We have few data points also in BC and elsewhere, mostly because governments have made excuses (often based on race) and have argued we did not need to gather data. Doing so might be perceived as racist.

It seems to me that you only resort to data when it helps you justify the behavior of the mainland Chinese who buy real estate in Canada.

I personally believe the data we have at the moment sucks: we need way better, more accurate and extensive data to really quantify the extent of foreign money slushing in our RE market.
And I am not talking about the passport of those on the title, I am talking about the source of the money they are using.

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

You’re not “using the data”. You’re making up your own.

The data says there’s a tiny number of sales to foreigners in Quebec, and Chinese buyers are a small fraction again.

Just me
Guest
Just me

I thought you just said it is only two data points.

I am confused. Is this good or bad data? Shall we use it as a convenient way to ignore the growing problem of Chinese money?

Your reasoning is confused.

Name
Guest
Name

chinese nationals at 16% is not a ‘small fraction’.

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

Yes, it is.

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

“US- based” buyers account for 32% of foreign sales

They seem to be trying to hint at “something”.

Just me
Guest
Just me

Yes, we are aware of your opinions. Chinese money plays no role in the massive price runups of the past few years in Vancouver.

And anyone who says otherwise is a paid shill and should be insulted and called names.

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

Changing the subject away from Quebec? I guess you’re conceding the point again.