It’s that time of the week again… Friday!
That means it’s time for another Friday free for all post, this is our regular end of the week news round up and open topic discussion thread for the weekend.
Here are a few recent links to kick off the chat:
–only 63 million
–bubble will burst
–actual stats count
–yes we banned that word
On a side note, if all you want to do is complain about foreigners and bitch about people sharing actual stats and analysis you can find plenty of other places on the Internet to do it. We’re going to start banning IP addresses for racist comments and trolling so count this as fair warning. We apologize in advance if this hurts your tender racist feelings.
Have an excellent weekend!
Looking to cheat on your real estate transaction taxes? Bad news, the CRA has decided it doesn’t want you to and is coming after real estate tax cheats.
From April 2015 to March 2017, the CRA audits of real estate transactions resulted in more than $329.4 million in assessed income that had not been reported. During this time, the CRA applied over $17 million in penalties, primarily associated with Canada’s two major real estate markets in Toronto and Vancouver.
Canadians work hard for their money and the Government of Canada recognizes that many families count their principal residence as both their home and most valued asset. The CRA will continue to strengthen relationships with key partners such as provinces, territories, and municipalities to further expand, obtain, and exchange information on real estate transactions, thereby enhancing the CRA’s ability to combat tax evasion and avoidance.
17 million in penalties? That’s almost enough to buy a fixer-upper on the north shore!
These may not actually count as ‘secrets’, but over at the Tyee they have a list of 9 things the real estate industry doesn’t want you to know:
You’ve heard it a million times. The reason so few of us can afford Vancouver is because there aren’t enough new homes being built. This is the version of reality that real estate industry leaders and their political allies want us to believe.
But an investigation of the industry by The Tyee has revealed reality to be much more complex. Over the past six months I spoke at length with financial analysts, economists, industry consultants, realtors and many others to learn the true causes of Vancouver’s housing crisis and who is profiting from it. They were in broad agreement that real estate is at the centre of a massive realignment between our society’s rich and poor — and one that few leaders in the industry seem willing to publicly acknowledge.
About half of the items on their list have to do with the class divide and the disappearing middle class.
Read the full article here.
If you’ve got an idea of how to make housing more affordable in Vancouver, city officials say they’re all ears.
“I think we’re almost at the desperation stage,” said Randy Pecarski, the City of Vancouver’s deputy director of planning. “People are on the verge of leaving the city because they can’t find a place to stay.”
First step: another survey to improve housing affordability over the next ten years.
Read the full article over at the CBC.
It’s the end of another week and that means it’s time for another Friday Free-for-all!
This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:
–Poloz: ‘anything’ could cause correction
–Owners face threat of rising rates
–Interest rates are a blunt tool
–Manitoba wants foreign buyers
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!