8 ms·

I have to chuckle at the thought of Trump introducing such a tax on foreign house buyers. Imagine the outrage!

sanderjd 10y ago
Well sure, that would pretty annoying, this sort of thing shouldn't even be the federal government's job, let alone the President's. Note that this was done by the government of BC, not Justin Trudeau. Which makes a lot more sense.
- edblarney 10y ago
  No, if the laws concerning ownership are based on citizenship, then it should be done at the governmental level that manages citizenship, i.e. federal. A 'national 15% tax' would have been much better. Buyers from Van have shifted to Toronto. Which kind of defats the point - one city passing on their disease to another. Globalization is having some crazy effects on the entire world, and we need some new laws. A 15% tax on all foreign buyers on all homes in the world would be appropriate - these are not 'stocks' or other assets - these are the homes that people live in, and they are forced to gamble with their entire savings and future savings due to shifting economic tides that they don't have the capital base to deal with. When shifting economic tides disrupt markets - the big winners are those who have enough capital to withstand the storm - they come in and pick up the pieces. Much like farmers during the great depression forced to sell their land cheap to big banks.
  - TillE 10y ago
    Residency, not citizenship. Huge difference.
    - edblarney 10y ago
      Both residency and citizenship are controlled at the Federal level. (Except Quebec :). Also, I agree that there should be a difference, and that should be reflected in the tax as well. Non local residents 15% tax, resident, non citizens 5% tax, citizens 0% tax. For every regime.
      - nojvek 10y ago
        This would deter a lot of high skilled immigrants coming into Canada. Waiting 6 years to buy a house is crazy. They'd move elsewhere. If you have a permanent residency, it should not incur a tax.
kartan 10y ago
It all depends what do you mean by "foreign". If you mean people that doesn't lives there and buys from abroad that is more reasonable. It will be an outrage if he just banned Muslims (whenever they live in the states or not), for example. The first is a measure to stop speculation and help people to get a home. The second is just a xenophobic populist measure that solves nothing.

Well sure, that would pretty annoying, this sort of thing shouldn't even be the federal government's job, let alone the President's. Note that this was done by the government of BC, not Justin Trudeau. Which makes a lot more sense.

edblarney 10y ago
No, if the laws concerning ownership are based on citizenship, then it should be done at the governmental level that manages citizenship, i.e. federal. A 'national 15% tax' would have been much better. Buyers from Van have shifted to Toronto. Which kind of defats the point - one city passing on their disease to another. Globalization is having some crazy effects on the entire world, and we need some new laws. A 15% tax on all foreign buyers on all homes in the world would be appropriate - these are not 'stocks' or other assets - these are the homes that people live in, and they are forced to gamble with their entire savings and future savings due to shifting economic tides that they don't have the capital base to deal with. When shifting economic tides disrupt markets - the big winners are those who have enough capital to withstand the storm - they come in and pick up the pieces. Much like farmers during the great depression forced to sell their land cheap to big banks.
- TillE 10y ago
  Residency, not citizenship. Huge difference.
  - edblarney 10y ago
    Both residency and citizenship are controlled at the Federal level. (Except Quebec :). Also, I agree that there should be a difference, and that should be reflected in the tax as well. Non local residents 15% tax, resident, non citizens 5% tax, citizens 0% tax. For every regime.
    - nojvek 10y ago
      This would deter a lot of high skilled immigrants coming into Canada. Waiting 6 years to buy a house is crazy. They'd move elsewhere. If you have a permanent residency, it should not incur a tax.

kartan 10y ago

It all depends what do you mean by "foreign". If you mean people that doesn't lives there and buys from abroad that is more reasonable. It will be an outrage if he just banned Muslims (whenever they live in the states or not), for example. The first is a measure to stop speculation and help people to get a home. The second is just a xenophobic populist measure that solves nothing.