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It's not just capital controls. There is a lot of fraud in China that ends up being laundered in real estate here in Canada: http://theprovince.com/business/re
by hackerboos 10y ago
It's not just capital controls. There is a lot of fraud in China that ends up being laundered in real estate here in Canada:
http://theprovince.com/business/real-estate/mysterious-wheeler-dealer-is-at-centre-of-a-web-of-b-c-real-estate-deals?__lsa=5505-e545 http://theprovince.com/business/real-estate/mysterious-wheel...
- mistermann 10y agoToronto is now also completely out of control: http://www.greaterfool.ca/2017/03/04/its-official-its-a-bubble/ http://www.greaterfool.ca/2017/03/04/its-official-its-a-bubb... Normally there would be an epic crash in the near future, but I have come to the conclusion that this time really is different, and I'm not joking.
- hackerboos 10y agoShame the government of Ontario won't even consider the BC foreigner tax.
- kspaans 10y agoNumbers I've seen suggest that the proportion of "foreign money" in Toronto is even lower than in Vancouver (mostly from GreaterFool.ca), so the tax may not have a large effect.
- mistermann 10y agoMy question would be: what is their definition of "foreign money", and how are they determining how much of it is involved in their housing market.
- 234dd57d2c8dba 10y agoOpen borders are important for the continued growth of the city. Taxing foreigners explicitly sounds pretty racist and is likely to shift investment to other regions.
- ryall 10y agoWe've got the same problem here in Auckland (NZ). Now the 4th least affordable place in the world http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11785825 http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&obj...
- mistermann 10y agoOut of curiousity, does Auckland also have 18 year old kids driving $100k++ sports cars with N (new driver) stickers as we do here in Vancouver?