REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

Reply
 
Thread Tools
Old 07-25-2016, 11:00 AM   #7176
What hasn't Killed me, has made me more tolerant of RS!
 
Join Date: Aug 2012
Location: Hong Kong
Posts: 198
Thanked 199 Times in 70 Posts
BC brings in 15% property tax for foreign buyers - NEWS 1130
No significant foreign money amiright?
Well don't mind the 15% transfer tax
Advertisement
twdm is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 11:10 AM   #7177
Need to Seek Professional Help
 
Join Date: Jan 2013
Location: Vancouver
Posts: 1,072
Thanked 247 Times in 115 Posts
It would be interesting to see how this turns out in the next 6-12 months. How easy would it be to find loopholes to recruit a "relative" or "friend"?

Where is the tax money going??

What about a foreign national selling tax? Grab some money while we are at it.

Last edited by Special K; 07-25-2016 at 11:15 AM.
Special K is offline  
Reply With Quote
Old 07-25-2016, 11:10 AM   #7178
I HERP TO YOU DERP
 
hypediss's Avatar
 
Join Date: Oct 2004
Location: 604
Posts: 1,164
Thanked 216 Times in 92 Posts
dont think its going to do much especially when most of the buyers from china carry a PR thanks to the QIIP

that or they buy through a shell company opened by someone in BC with a PR status

cra or fintrac dont give a dam anyway

hypediss is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 11:11 AM   #7179
hello
 
originalhypa's Avatar
 
Join Date: Apr 2001
Location: online
Posts: 18,428
Thanked 2,395 Times in 812 Posts
Quote:
Originally Posted by pastarocket View Post
Does Crusty's chances of getting re-elected as Premier in the May election next year improve after the introduction of this tax?
I would vote for one of Kevin Falcon's dried turds before I voted for the BC Liberals again.

I feel so dirty saying this, but I may be forced to vote NDP the next time around......
__________________
woot!
originalhypa is offline  
Reply With Quote
Old 07-25-2016, 11:43 AM   #7180
I contribute to threads in the offtopic forum
 
Join Date: Jun 2006
Location: not vancouver
Posts: 2,647
Thanked 1,936 Times in 764 Posts
Quote:
Originally Posted by EmperorIS View Post
BREAKING NEWS: BC brings in 15% property tax for foreign buyers
The new tax will take effect on August 2nd and will apply to foreign nationals or foreign-controlled corporations that buy homes in BC. This would mean a $300,000 tax on a home worth $2 million.

Metro Vancouver's housing market high priority as BC legislature convenes for summer session - NEWS 1130
was only a matter of time. you could almost feel it coming.

haven't had time to read into this yet, but what would prevent a foreigner buying via a corporation (would be fine as corp would be taxed on capital gains in canada).

step 1 krusty - won't save your backside though

next, stop giving out PR and citizenship like candy.. and federal gov needs to eliminate QIIP (can the feds do this? Quebec seems to have its own set of rules!)
4444 is offline  
Reply With Quote
Old 07-25-2016, 11:44 AM   #7181
What hasn't Killed me, has made me more tolerant of RS!
 
Join Date: Jan 2007
Location: vac
Posts: 167
Thanked 69 Times in 23 Posts
The tax is being applied to affordable housing strategies.

At least it's a step in the right direction, but like hypa, not going to be voting the Lie-berals...

Green party here we come!
eclipseman is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 11:45 AM   #7182
I contribute to threads in the offtopic forum
 
Join Date: Jun 2006
Location: not vancouver
Posts: 2,647
Thanked 1,936 Times in 764 Posts
Quote:
Originally Posted by Carl Johnson View Post
Says the man who has been preaching doom and imminent collapse for Vancouver real estate for who knows how long now. You, like Garth Turner, are just too predictable.

The funny thing about you is that you are actually supposed to be a "investment" guru. I am wondering how come you have never heard of one of the most basic tenets of investing: a bull market always rides on the back of cynicism.
get a life, mate
4444 is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 11:47 AM   #7183
My homepage has been set to RS
 
Join Date: Apr 2007
Location: Surrey
Posts: 2,118
Thanked 1,148 Times in 454 Posts
This will do dick all. Isn't the real problem immigrants who come here and suddenly have millions of dollars to throw at a house with no answers to where it came from other than "business person" ?
MarkyMark is online now  
Reply With Quote
Old 07-25-2016, 11:53 AM   #7184
this is the hardest n***a of all time
 
GLOW's Avatar
 
Join Date: Aug 2006
Location: Vancouver
Posts: 7,540
Thanked 4,501 Times in 1,793 Posts
is green party even a viable voting option? seems like last couple elections it's been libs vs ndp while everyone else is not a major player...
__________________
Feedback
http://www.revscene.net/forums/showthread.php?t=611711

Quote:
Greenstoner
1 rat shit ruins the whole congee
Quote:
[04-06, 11:34]radiomanI'm doing happy hour with bj#3 today
[07-04, 10:27]radiomani need just the tip
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat

GLOW is offline  
Reply With Quote
Old 07-25-2016, 12:03 PM   #7185
Rs has made me the woman i am today!
 
Join Date: Feb 2011
Location: Richmond
Posts: 4,370
Thanked 6,643 Times in 1,753 Posts
Quote:
Originally Posted by MarkyMark View Post
This will do dick all. Isn't the real problem immigrants who come here and suddenly have millions of dollars to throw at a house with no answers to where it came from other than "business person" ?
I believe they count that as foreign money. If immigrants have only "$20,000" declared money to Canada (via tax etc) yet have 2 million overseas to buy a home in Vancouver, that is counted as foreign money
__________________
http://i.imgur.com/4PRtABe.gif
320icar is online now  
Reply With Quote
This post thanked by:
Old 07-25-2016, 12:04 PM   #7186
I contribute to threads in the offtopic forum
 
Join Date: Jun 2006
Location: not vancouver
Posts: 2,647
Thanked 1,936 Times in 764 Posts
Quote:
Originally Posted by MarkyMark View Post
This will do dick all. Isn't the real problem immigrants who come here and suddenly have millions of dollars to throw at a house with no answers to where it came from other than "business person" ?
you may have a point, but it's not all foreign money - a big part of this may be the affect on the perception of future price gains.

don't underestimate the strength perception has on overheated (at risk) markets
4444 is offline  
Reply With Quote
Old 07-25-2016, 12:13 PM   #7187
My homepage has been set to RS
 
Join Date: Apr 2007
Location: Surrey
Posts: 2,118
Thanked 1,148 Times in 454 Posts
Quote:
Originally Posted by 320icar View Post
I believe they count that as foreign money. If immigrants have only "$20,000" declared money to Canada (via tax etc) yet have 2 million overseas to buy a home in Vancouver, that is counted as foreign money
Im curious if that's the case. Is the tax strictly for people buying that have no citizenship here whatsoever, or immigrants who bring millions of dollars with them as well?
MarkyMark is online now  
Reply With Quote
Old 07-25-2016, 12:20 PM   #7188
Rs has made me the woman i am today!
 
Join Date: Feb 2011
Location: Richmond
Posts: 4,370
Thanked 6,643 Times in 1,753 Posts
You can be a permanent resident and not be a citizen. The issue is people who live here, buy our homes but have a 'declared wealth' of below the poverty line. If you declare your wealth, bring it over and pay duty or tax or whatever on your income, then no you should not be subject to this new 15% foreigner tax

Edit: my opinion anyways, no facts included
__________________
http://i.imgur.com/4PRtABe.gif
320icar is online now  
Reply With Quote
Old 07-25-2016, 12:29 PM   #7189
RS.net, helping ugly ppl have sex since 2001
 
quasi's Avatar
 
Join Date: Jul 2001
Location: Cloverdale
Posts: 9,963
Thanked 2,014 Times in 725 Posts
Quote:
Originally Posted by originalhypa View Post
I feel so dirty saying this, but I may be forced to vote NDP the next time around......
Eeeeeeeew, you know times are bad when.
__________________



“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
quasi is online now  
Reply With Quote
This post thanked by:
Old 07-25-2016, 12:39 PM   #7190
Revscene.net has a homepage?!
 
Join Date: Mar 2004
Location: East Van
Posts: 1,289
Thanked 428 Times in 210 Posts
Nothing else to say regarding this issue that hasn't been said above. People will find a way around this tax, whether it is through Quebec, shell companies, or funneling money through locals.
Liquid_o2 is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 01:18 PM   #7191
I *heart* Revscene.net very Muchie
 
Hakkaboy's Avatar
 
Join Date: Apr 2001
Location: Burn-A-Bee
Posts: 3,513
Thanked 100 Times in 34 Posts
Anyone have a recommendation for movers with first hand experience? Looking to move from a 1 bedroom apt in Richmond to Burnaby.

Tried googling and there's like way too many choices so I'd prefer recommendations than potentially fake yelp reviews

Thanks!
__________________
Never argue with a dumbass, they drag you down to their level and try to beat you with experience

My Feedback

Blah™
Hakkaboy is offline  
Reply With Quote
Old 07-25-2016, 02:07 PM   #7192
i like gifs
 
Ch28's Avatar
 
Join Date: Dec 2001
Location: imgur
Posts: 25,517
Thanked 6,206 Times in 2,083 Posts
I personally think that 15% is too low. Just seems like a figure that is put out there to appease all the critics but nothing severe enough to detract mainlanders from using their corrupted money to launder.

I don't follow the RE market as much as most of you, so what are your thoughts on an "appropriate" figure that would actually do something to deter it?
Ch28 is online now  
Reply With Quote
Old 07-25-2016, 02:20 PM   #7193
OMGWTFBBQ is a common word I say everyday
 
pastarocket's Avatar
 
Join Date: Feb 2010
Location: Vancouver
Posts: 5,325
Thanked 1,909 Times in 847 Posts
Quote:
Originally Posted by Ch28 View Post
I personally think that 15% is too low. Just seems like a figure that is put out there to appease all the critics but nothing severe enough to detract mainlanders from using their corrupted money to launder.

I don't follow the RE market as much as most of you, so what are your thoughts on an "appropriate" figure that would actually do something to deter it?
The Aussies use different methods to control foreign ownership of property. It's not just about the percentage of the property tax to control the amount of foreign ownership of vacant homes. It sounds like the enforcement of their laws on foreign ownership of property is quite stringent.

Foreign home buyers: How other countries limit money from abroad - Business - CBC News





Australia

Australia real estate housing
Australia has tried to increase affordability in cities like Sydney and Melbourne by introducing steep fines for buyers, realtors and companies who break new rules on foreign real estate investment. (David Gray/Reuters)

Foreign real estate ownership is a hot-button political issue Down Under and the Australian government has gone to great lengths to curb it.


Generally, buyers from outside the country are limited to newly constructed houses and apartments, and the Foreign Investment Review Board — which yields broad power over money flowing into Australia — acts as gatekeeper. It costs $5,000 just for the right to make an offer on a place costing up to $1 million, and $10,000 for each subsequent million-dollar leap in purchase price.


Foreigners who buy vacant residential land have to build on it within two years.

Australia has stepped up enforcement with a crackdown that began in earnest last year. Foreign investors shown to have broken the rules can face up to three years in jail or a fine of $127,500. Individual real estate agents who help a foreign buyer circumvent the system can be fined up to $42,500, while companies could be hit with a $212,500 fine.


As of January, the government says it forced the sale of 27 homes bought illegally, including a $39-million Sydney mansion previously owned by a Chinese real estate firm. More than 1,300 property sales have been investigated, according to Reuters.


Australia also forces foreign investors to register purchases with the federal government, part of an effort to gather and analyze an extensive data set on the issue.


Canadian critics of foreign ownership sometimes hail Australia as a model for policies that can be applied here at home, but there's much debate over that sentiment.
__________________
Go Canucks go!
pastarocket is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 02:30 PM   #7194
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,175
Thanked 4,395 Times in 1,307 Posts
Quote:
Originally Posted by wingies View Post
Its a bittersweet feeling, the damage has been done already for us (20's to 30's) but hopefully this can help the next generation a bit. Too little too late
Government workers and politicians are typically slow at things like this. They have to go through lengthy and unnecessary procedures and policies to do anything.
They can't adapt to changes nowhere quickly as private sector.

As Kevin O'Leary says, the lack of productivity has always been issue with government workers and politicians.
That's why some people support Donald Trump as a president.

Timpo is offline  
Reply With Quote
Old 07-25-2016, 03:15 PM   #7195
My homepage has been set to RS
 
Join Date: Apr 2007
Location: Surrey
Posts: 2,118
Thanked 1,148 Times in 454 Posts
Quote:
Originally Posted by pastarocket View Post
The Aussies use different methods to control foreign ownership of property. It's not just about the percentage of the property tax to control the amount of foreign ownership of vacant homes. It sounds like the enforcement of their laws on foreign ownership of property is quite stringent.
The difference is Australia actually wants to restrict foreign buyers, where our government wants to keep the gravy train running while still keeping the votes to stay in power.
MarkyMark is online now  
Reply With Quote
This post thanked by:
Old 07-25-2016, 03:40 PM   #7196
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 17,473
Thanked 7,389 Times in 1,945 Posts
The question is do people really want to the RE bubble to burst? Think about the consequences and all the jobs in BC that are linked to RE that will be lost.
Harvey Specter is offline  
Reply With Quote
Old 07-25-2016, 03:45 PM   #7197
Pull Out Towing. Women rescued for free.
 
SumAznGuy's Avatar
 
Join Date: Mar 2002
Location: Hongcouver
Posts: 7,364
Thanked 1,830 Times in 969 Posts
Quote:
Originally Posted by 320icar View Post
Timpo was 100% right. My parents were not home owners. None of my family was. And now finally in my mid 20's my gf and I bring in about ~110k gross. But with no downpayment and the housing market to continue infating at a stupid rate, I still think ill be a renter for ever. I can't afford to rent and high prices AND save enough (fast enough) at the same time
Try to be a little open minded and don't put your GF down for asking the banks.
In fact, I think she has more of a level head than you.
$110K combined income. I am guessing around $6K take home per month.
You should easily be able to be pre-aproved for a $500K mortgage as long as you 2 don't have any debts.
That is about $2500 per month for mortgage payments over 25 years at 4%.

Not sure what areas you *have* to live in but moving out to Port Moody/PoCo opens up a lot of options for you to buy a decently sized town house.

There are still affordable options out there if you are willing to settle.

Take a look at what your needs are and how much you are paying per month in rent.
__________________
Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off.
Originally posted by The7even SumAznGuy > Billboa
Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
(11-0-0) Buy/Sell rating
Christine
Shitvic
Pull Out Towing
SumAznGuy is offline  
Reply With Quote
This post thanked by:
Old 07-25-2016, 03:51 PM   #7198
RS.net, helping ugly ppl have sex since 2001
 
quasi's Avatar
 
Join Date: Jul 2001
Location: Cloverdale
Posts: 9,963
Thanked 2,014 Times in 725 Posts
Quote:
Originally Posted by Harvey Specter View Post
The question is do people really want to the RE bubble to burst? Think about the consequences and all the jobs in BC that are linked to RE that will be lost.
The responses will mainly hinge on whether the person answering is on the outside looking in or not. I don't care what the market does but but if it's going to drop a bunch I'd rather see it happen gradually over the next 2-4 years then totally implode.
__________________



“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
quasi is online now  
Reply With Quote
Old 07-25-2016, 04:13 PM   #7199
Rs has made me the woman i am today!
 
Join Date: Apr 2001
Location: Vancouver
Posts: 4,117
Thanked 1,599 Times in 729 Posts
Quote:
Originally Posted by Hakkaboy View Post
Anyone have a recommendation for movers with first hand experience? Looking to move from a 1 bedroom apt in Richmond to Burnaby.

Tried googling and there's like way too many choices so I'd prefer recommendations than potentially fake yelp reviews

Thanks!
We used Small Moves Vancouver for our 2-bed+storage move. They charge by the hour. A move from Burnaby to the Tri-Cities, including a broken elevator on the day of the move, cost us less than $600 which is far less than what other companies quoted. The 2 guys that showed up were 2 no-nonsense Middle Eastern guys who were efficient. We ended up with one small dent on one wall which is pretty good all things considered.

We also rented resin boxes from another company which I would highly recommend to anyone.
Tapioca is online now  
Reply With Quote
This post thanked by:
Old 07-25-2016, 04:44 PM   #7200
My homepage has been set to RS
 
Join Date: Apr 2007
Location: Surrey
Posts: 2,118
Thanked 1,148 Times in 454 Posts
Quote:
Originally Posted by Harvey Specter View Post
The question is do people really want to the RE bubble to burst? Think about the consequences and all the jobs in BC that are linked to RE that will be lost.
As someone who doesn't own property, and job isn't directly linked to the local real estate market, I'd have a hard time turning down my future mortgage payments being significantly less due to a crash.

At the end of the day people want what benefits them the most. Is a property owner going to care about someone else's situation if their house price doubles in another year or two? Probably not.
MarkyMark is online now  
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 02:06 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net