That is happening in Canada as well driving up prices and then left vacant, simply a way to store cash outside the country of origin or source of revenue. Steps are being taken to address this issue in BC, I believe.
That is happening in Canada as well driving up prices and then left vacant, simply a way to store cash outside the country of origin or source of revenue
As Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all the others.”
What kind of steps? As long as the relevant taxes are paid and local laws observed, whose business is it except the owners?Originally Posted by razz
That is happening in Canada as well driving up prices and then left vacant, simply a way to store cash outside the country of origin or source of revenue
Chinamen bad. Bad Chinamen!
Until there is something you want or feel you deserve from the "Bad <fill in the blank> ".
To give pleasure to a single heart by a single act is better than a thousand heads bowing in prayer." Mahatma Gandhi
Be nice whenever possible. It's always possible. HH Dalai Lama
In a world where you can be anything - be kind. Unknown
An ownership registry that requires that corporations owning real estate notify the government who the actual owners of the corporation are so that the government can actually collect the relevant taxes, which include a 2% annual tax for foreign owners and a 1.25% vacancy tax on all properties that sit unoccupied for more than half the year.
Whenever people start referring to investors as speculators, you can be sure some creative taxes are coming.
https://simple.wikipedia.org/wiki/Speculation_tax
This explains the steps BC taken. I believe that the tax rate is or has increased more. It is supported by the residents who are unable to find housing but requires effort by the residents to prove that they live in their homes. Very unfortunate that it has come to this. A diversity of speculators are involved not just one nationality.
As Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all the others.”
If not speculator what would you call someone who buys a home with no intention of living there or having tenants. Presumably they expect the make enough on the sale to make a profit even after paying all the costs associated with ownership.
People held Amazon and Google for many years for the same reason. People just say “speculator” because they think it sounds more sinister and reckless than “investor”. This helps them feel justified in interfering with other people’s business.
- Taxing foreign owners seems a bit jingoistic. What about owners from different provinces/territories?
- Taxing homes that are unoccupied 1/2 the year seems to be a bad thing for folks who may be away for medical care for more than 6 months, or perhaps be "snowbirds". Or dead, and their estate takes a while to settle. Etc.
It is fun to discriminate against non-locals and "those people" though. I know my own community would love to do this, as 50%+ of the homes here are vacant much of the year, and there's a considerable amount of "non-islander" ownership. If we could just screw over all those outsiders, life would be good here....
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