Comments on: Canadian Cities Have Seen Up To 1 In 8 Newly Built Homes Go To Non-Residents

By: Ron Bruce

Ron Bruce — Thu, 21 Jul 2022 16:56:12 +0000

Since non-resident investors pay their tax liabilities abroad, pretty much says sit all. If you don’t pay your income taxes in Canada, buyers should pay a surtax of 50% to 60% higher than normal property taxes every year. If they don’t like these rules, they can leave and open the market up to hardworking and legitimate Canadian taxpayers.

This would mean that each Province needs to have a Landownership Transparency registry otherwise, foreign investors will use nominee owners, which is probably the case today. Therefore, 1 in 8 homes sold in Vancouver to foreign investors is an incorrect number. Don’t expect Banks, Realtors, lawyers or notaries to disclose the names of the real owners – everyone’s hand is in the cookie jar.

By: Ava

Ava — Wed, 20 Jul 2022 21:34:06 +0000

In reply to Omar.

Wow …!

You nailed it..!

By referring your March -2022 you slapped to those who were misleading some half-literate realtor, (who also played a vital role in giving a pressure to first-time homebuyer) by showing a fear, that “you want catch-up in future, if you will not buy right now”.

It was not a real shortfall of inventory. The situation was dramatically created (since, after 2014) to make real estate market a money making field and Covid-19 with stimulus money pushed it with a jet speed.

Some builders have taken advantage of these situation as well.

By: Mike Malesevich

Mike Malesevich — Wed, 20 Jul 2022 15:35:02 +0000

The government can control how much of a business a foreign entity can own, but we don’t seem to have any controls when it comes to homes (one of our most cherished assets).

By: JOSEPH POSTERARO

JOSEPH POSTERARO — Wed, 20 Jul 2022 12:16:27 +0000

In reply to David Masstrucci. They don't want to live here, the want to either launder their money here, or to hide it here.

By: David Masstrucci

David Masstrucci — Tue, 19 Jul 2022 19:46:56 +0000

High foreign demand is why Toronto real estate can only go up. There’s no falling when everyone in the world wants to live here.

By: Trader Jim

Trader Jim — Tue, 19 Jul 2022 19:45:49 +0000

In reply to Credit Guy. Just keep in mind that politicians are trying desperately at every level to get an exemption for their region because they can't let this party stop.

By: Credit Guy

Credit Guy — Tue, 19 Jul 2022 19:44:37 +0000

both those new single-family homes sold in Toronto now that foreign buying is going to be banned shows plenty of inflows coming. The money won’t stop!

By: Whiskey Foxtrot

Whiskey Foxtrot — Tue, 19 Jul 2022 19:43:23 +0000

In reply to Omar. and they started wanting it right after China promised to execute people caught committing graft. Funny how that works.

By: Ethan Wu

Ethan Wu — Tue, 19 Jul 2022 19:42:15 +0000

Canada is either an attractive place where foreign capital wants to live and it contributes to higher prices, or a place where foreign money isn’t a problem and it’s overpriced. I don’t understand how anyone argues it’s a place where foreign capital wants to be but it doesn’t influence demand.

People think building more is the solution but don’t realize more land, more materials, more labor, etc. mean higher home prices.

By: Views From The Bubble

Views From The Bubble — Tue, 19 Jul 2022 19:28:00 +0000

but the “experts” said this is fear mongering, there’s no way the foreign capital can influence home prices. He also has no idea how two of China’s top money lobbyists bought his house for twice the assessed value.

https://www.scmp.com/news/world/united-states-canada/article/2181447/professor-says-vancouvers-china-money-fears-mirror