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When you buy a property your citizenship is now recorded. Previously it wasn't. We're now seeing the amount of people without Canadian citizenship has plunged.

When you buy a property your citizenship is now recorded. Previously it wasn't. We're now seeing the amount of people without Canadian citizenship has plunged. Before the tax was introduced in some areas of Metro Vancouver the amount of foreign buyers was relatively low, but in some areas the amount of foreigners was in the high teens, approaching 20%. As the amount of foreign buyers is now explicitly recorded in all real estate purchases, presumably Mr. Ogmundson looked up that data. He wouldn't have had to do anything creative or difficult to come up with this data. > Is there some reason one should believe that this data, or the government that administers it, is trustworthy? If you're at the point where you're not trusting data the government collects I dunno man. Keep your tin foil hat on tight bud.

jollybean 4y ago
It's trivial to incorporate a business to buy property, I wonder how easy that circumvention is. Canada is oddly one of the places in the world wherein it's difficult to discover who owns what.
- Tiktaalik 4y ago
  British Columbia is introducing a "beneficial ownership registry" as part of the foreign buyer tax stuff that would identify who actually owns what regardless of the numbered company that techncially owns it. Canada is bringing in one too. "B.C.’s beneficial ownership registry being used in tax cases, visa applications" https://www.theglobeandmail.com/canada/british-columbia/article-bcs-beneficial-ownership-registry-being-used-in-tax-cases-visa/ https://www.theglobeandmail.com/canada/british-columbia/arti... BC is certainly the first place in Canada to do this and they haven't even finished the registry yet. Seems like it's quite tricky to sort out. "B.C.’s land registry aimed at finding hidden owners bogged down by concerns over clarity, confidentiality" https://www.theglobeandmail.com/canada/british-columbia/article-bcs-land-registry-aimed-at-finding-hidden-owners-bogged-down-by/ https://www.theglobeandmail.com/canada/british-columbia/arti... Even though the thing isn't fully up and running yet, the government has been so clear years ago that they will do this that it probably would have had a chilling effect on future purchases.

jollybean 4y ago

It's trivial to incorporate a business to buy property, I wonder how easy that circumvention is. Canada is oddly one of the places in the world wherein it's difficult to discover who owns what.

Tiktaalik 4y ago
British Columbia is introducing a "beneficial ownership registry" as part of the foreign buyer tax stuff that would identify who actually owns what regardless of the numbered company that techncially owns it. Canada is bringing in one too. "B.C.’s beneficial ownership registry being used in tax cases, visa applications" https://www.theglobeandmail.com/canada/british-columbia/article-bcs-beneficial-ownership-registry-being-used-in-tax-cases-visa/ https://www.theglobeandmail.com/canada/british-columbia/arti... BC is certainly the first place in Canada to do this and they haven't even finished the registry yet. Seems like it's quite tricky to sort out. "B.C.’s land registry aimed at finding hidden owners bogged down by concerns over clarity, confidentiality" https://www.theglobeandmail.com/canada/british-columbia/article-bcs-land-registry-aimed-at-finding-hidden-owners-bogged-down-by/ https://www.theglobeandmail.com/canada/british-columbia/arti... Even though the thing isn't fully up and running yet, the government has been so clear years ago that they will do this that it probably would have had a chilling effect on future purchases.