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> Poof This has pretty much already been done in Vancouver, which has layers of Foreign Buyer Taxes, Speculation Taxes, Empty Home Taxes and strict Airbnb regu

> Poof This has pretty much already been done in Vancouver, which has layers of Foreign Buyer Taxes, Speculation Taxes, Empty Home Taxes and strict Airbnb regulation. It absolutely did not make the problem go 'poof.' All these things were well worth doing and helped in various ways, but it remains that the core underlying problem is that there's not enough homes for everyone and scarcity ensures high rents and high prices. The dull solution is that a hell of a lot of homes need to be built.

jollybean 4y ago
It has not been done in earnest in Vancouver. There's a 15 point 'one time' fee but it likely should be more, and/or an ongoing assessment i.e. higher annual taxes. Moreover, Canada gives away citizenship like candy and families have their kids live there. AirBnB is still running strong as well, which should be much more heavily taxed.
- Tiktaalik 4y ago
  The government still keeps track of the amount of foreign buyers. It has plunged. It's likely that if it was a still a problem people would be doing something more but it's marginal at this point. The biggest impacts have already happened. We had developers building hyper luxury condos explicitly marketed to an asian audience and overnight with the foreign buyer tax everyone stopped making those and the same developers have pivoted to building purpose built rental for locals. The taxes worked. There's still a housing crisis.
  - deleted 4y ago
    [deleted]
mistermann 4y ago
There's been nothing even remotely close to a ban, and it's highly uncertain the degree to which the new rules are even enforced. As with most things, Canadians are expected to Trust The Experts....and trust them they do!
- Tiktaalik 4y ago
  You don't need to trust the "experts" you can look at the data which is publicly available. > In 2020, the share of foreigners in the fair market value of homes was almost zero. > It was 0.56 percent to be exact, based on figures compiled by Brendon Ogmundson, chief economist with the B.C. Real Estate Association. > Ogmundson used official B.C. government data on property transfer taxes. https://www.straight.com/news/no-scapegoats-this-time-bc-economist-says-foreign-buyer-share-in-home-sales-drops-to-near-zero https://www.straight.com/news/no-scapegoats-this-time-bc-eco... Previously the government didn't track details around who was buying homes, and this is something that changed along with the foreign buyer tax.
  - mistermann 4y ago
    > In 2020, the share of foreigners in the fair market value of homes was almost zero. a) What is the precise meaning of "foreigners" in this context? How is it measured? When the identity is hidden behind a numbered company, does our expert source disclose that? b) If someone who has gained citizenship then accepts a wire transfer of $10M+ (from someone who is not a citizen) and then proceeds to buy 10 houses (overbidding for each), is that "foreign" involvement? c) By what methodology were these numbers compiled, from which data sources, and can people examine these processes with no restrictions? > It was 0.56 percent to be exact, based on figures compiled by Brendon Ogmundson, chief economist with the B.C. Real Estate Association. "Was" (to be within reality) "exact" and "based on..." is an interesting claim from an epistemological perspective. Is Mr. Ogmundson, chief economist with the B.C. Real Estate Association, guaranteed to be a trustworthy source of information? > Ogmundson used official B.C. government data on property transfer taxes. Is there some reason one should believe that this data, or the government that administers it, is trustworthy? (There is a fairly substantial amount of historic stories to believe that they are not.) > Previously the government didn't track details around who was buying homes, and this is something that changed along with the foreign buyer tax. There is what is claimed has changed, and what has actually changed. Often, the difference is impossible to resolve - it is also often difficult to realize that a difference between the two is even possible.
    - 4y ago

jollybean 4y ago

It has not been done in earnest in Vancouver. There's a 15 point 'one time' fee but it likely should be more, and/or an ongoing assessment i.e. higher annual taxes. Moreover, Canada gives away citizenship like candy and families have their kids live there. AirBnB is still running strong as well, which should be much more heavily taxed.

Tiktaalik 4y ago
The government still keeps track of the amount of foreign buyers. It has plunged. It's likely that if it was a still a problem people would be doing something more but it's marginal at this point. The biggest impacts have already happened. We had developers building hyper luxury condos explicitly marketed to an asian audience and overnight with the foreign buyer tax everyone stopped making those and the same developers have pivoted to building purpose built rental for locals. The taxes worked. There's still a housing crisis.
- deleted 4y ago
  [deleted]

mistermann 4y ago

There's been nothing even remotely close to a ban, and it's highly uncertain the degree to which the new rules are even enforced. As with most things, Canadians are expected to Trust The Experts....and trust them they do!

Tiktaalik 4y ago
You don't need to trust the "experts" you can look at the data which is publicly available. > In 2020, the share of foreigners in the fair market value of homes was almost zero. > It was 0.56 percent to be exact, based on figures compiled by Brendon Ogmundson, chief economist with the B.C. Real Estate Association. > Ogmundson used official B.C. government data on property transfer taxes. https://www.straight.com/news/no-scapegoats-this-time-bc-economist-says-foreign-buyer-share-in-home-sales-drops-to-near-zero https://www.straight.com/news/no-scapegoats-this-time-bc-eco... Previously the government didn't track details around who was buying homes, and this is something that changed along with the foreign buyer tax.
- mistermann 4y ago
  > In 2020, the share of foreigners in the fair market value of homes was almost zero. a) What is the precise meaning of "foreigners" in this context? How is it measured? When the identity is hidden behind a numbered company, does our expert source disclose that? b) If someone who has gained citizenship then accepts a wire transfer of $10M+ (from someone who is not a citizen) and then proceeds to buy 10 houses (overbidding for each), is that "foreign" involvement? c) By what methodology were these numbers compiled, from which data sources, and can people examine these processes with no restrictions? > It was 0.56 percent to be exact, based on figures compiled by Brendon Ogmundson, chief economist with the B.C. Real Estate Association. "Was" (to be within reality) "exact" and "based on..." is an interesting claim from an epistemological perspective. Is Mr. Ogmundson, chief economist with the B.C. Real Estate Association, guaranteed to be a trustworthy source of information? > Ogmundson used official B.C. government data on property transfer taxes. Is there some reason one should believe that this data, or the government that administers it, is trustworthy? (There is a fairly substantial amount of historic stories to believe that they are not.) > Previously the government didn't track details around who was buying homes, and this is something that changed along with the foreign buyer tax. There is what is claimed has changed, and what has actually changed. Often, the difference is impossible to resolve - it is also often difficult to realize that a difference between the two is even possible.
  - 4y ago