Category Archives: BC

Why does the foreign buyer tax only apply to Metro Vancouver?

Some people love the foreign buyer tax, some people hate it, but at least one person thinks it was a conflict of interest for the finance minister to enact it only in Metro Vancouver when he owns investment properties just outside that boundary:

 

The one home and six investment properties that belong to Mike de Jong in Abbotsford are worth almost $1 million – a significant investment that rose in value relative to similar properties inside Metro Vancouver, records suggest.

That puts de Jong in a conflict of interest when handling the province’s controversial real estate file, says Duff Conacher of Democracy Watch.

“Given that the finance minister has significant real estate investments, I don’t think he should have been taking part in this,” Conacher said.

“He would have to recuse himself or sell his properties. It has to be one or the other. He can’t have a private interest and take part in decisions about his properties.”

But de Jong tells CTV News he had nothing on his mind except doing his job when he moved and voted for the tax in the B.C. Legislature.

“The decision was based exclusively on the analysis of the data,” he said outside a Liberal caucus meeting.

Read the full article over at CTV news.

Friday Free-for-all! April 21, 2017

It’s the end of another glorious work-week in the ‘couve and that means it’s time for another fabulous Friday free-for-all!

This is our standard run-on-the-mill end of the week news round up and open topic discussion thread for the weekend, here are a few links to kick off the chat:

Richmond Air BnB RIP
Vancouver sees first price increase in 8 months
Should first-timers rethink buying in a hot market?
Canada shadow banking half the size of banks
Ontario starts tracking residency for RE purchases
Define ‘foreign buyer denier’
Site C losses up to $1 billion?
Who would benefit from a crash?
44% like idea of 30% tax on foreign buyers

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments section below and have a superb weekend!

NDP proposes $400 rental grant

The NDP is promising to implement a $400 rental grant if elected.  This grant would be applicable to all rentals and would have the side effect of pretty much putting an end to rental income tax evasion.

Christy Clark is disturbed by the idea of money going to “wealthy renters”

“That isn’t right,” Clark said. “We shouldn’t be redistributing our tax money to the very rich. We should be making sure that we spend our resources supporting people who are having trouble staying in their homes.”

The NDP also pledges to close a fixed term lease rent loophole that lets some landlords raise rents higher than otherwise allowed.

Read the full article here.