Ontario 15% tax on foreign real estate buyers

Lets see what this does to the market.

http://www.msn.com/en-ca/news/canada...iRm?li=AAggNb9

Seeing as how the foreign real estate buyers is only about 5 %, I see little change. Make it a blanket tax for non occupiers and investors.

This is,typically,smoke and mirrors,targeting a very small sector of the market. The province is making money hand-over-fist from the land transfer tax,it would be like killing the goose that laid the golden egg. If the government was serious about it,they'd apply a graduated capital gains tax on every sale. I don't see that happening and until it does,anything they do will be all show.

Trimmer are you suggesting those getting stupidly wealthy for no other reason than right place/right time and the by-product of living in an area where the province has put all their eggs in one basket attracting companies, jobs, high paying jobs, and thus people flock there as well......start um "giving back"?

Careful there,. :)

Of coarse Ms Wynne is highly unlikely to do anything that might upset the 416/905 even slightly. Not when her personal popularity is at a laughable 13% and her only support remaining is down to the 416......
Foreigners. Last I checked they can holler and scream all they like, their votes don't count. So thats as easy target that will bring a little more tax money in ( A good and needed thing). Given the peons of the province are getting kicked in the gonads nine ways to Sunday, Healthcare is an utter joke and more.......

I also found it telling that as far as industry changes go CREA and TREB have successfully convinced the province to go after anyone else and only pay lip service to reviewing various rules.

I don't trust this government to complete a paint by numbers picture correctly without completely screwing it up. I have a very bad feeling about this.....

Quote:

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Originally Posted by JBen

Trimmer are you suggesting those getting stupidly wealthy for no other reason than right place/right time and the by-product of living in an area where the province has put all their eggs in one basket attracting companies, jobs, high paying jobs, and thus people flock there as well......start um "giving back"?

Careful there,. :)

Of coarse Ms Wynne is highly unlikely to do anything that might upset the 416/905 even slightly. Not when her personal popularity is at a laughable 13% and her only support remaining is down to the 416......
Foreigners. Last I checked they can holler and scream all they like, their votes don't count. So thats as easy target that will bring a little more tax money in ( A good and needed thing). Given the peons of the province are getting kicked in the gonads nine ways to Sunday, Healthcare is an utter joke and more.......

I also found it telling that as far as industry changes go CREA and TREB have successfully convinced the province to go after anyone else and only pay lip service to reviewing various rules.

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I mean to specifically target flippers and speculators. That's where I think the trouble lies,along with the criminal element using real estate to launder dirty money. The graduated capital gains was used in the late 1980's to cool off a rampant real estate speculation market and it should never have been relaxed.

Hehe :)
I'm not sure if it's really any one or two things. Flipping is certainly a part of it, but a lot of TREB reports over the last year keep repeating that 50% (give or take) are first time buyers.

So that leaves half of the transaction for foreign buyers, investors that rent, people moving up/out and flippers. Pick any one, and it's not going to be a significant chunk.

Read something else recently that went into the estimates of units required to meet demand. Tens of thousands.

Read a story in the paper yesterday. One young couple who bought a starter bungalow in a run down area 3-5 years. They were nervous about paying 300k for it.

Sold it a month ago for 1.2 or 1.3 and are gone.....

Can't blame them..."but". Does any other city have the same problems? No?
Why not?
/looks at silver spoons and QP

No-one to blame really but themselves (people in the GTA).

Buying price in US dollars per. sq. m. for a place to live in...... London-34,000, Hong Kong-25,500, New York-17,800, Moscow-16,000, Geneva-14,500, Paris 14,000 . Lots of cities worldwide before you get to Toronto at 9,400 US per. sq. m. Toronto if you want to be , and claim to be a world class city,( which it is), you will pay world class prices, for a place to live in such a city.

What the average
Population density in those areas, incomes, economy and more. Lol TO might be a Burrough in NY. Their economy campers to ours? Just the largest in the world...

Those areas also have hundreds of years on To, GTA. Etc etc etc. Can't compare ripe apple trees to orange tree saplings, especially ones that sucking wind( water)

For simple example.
Read today companies in the US invest on average 14,000 per employee into modernization, plants, new tech, tools etc

Companies here around 8,000

Different worlds G, different, everything's. And while I do agree the GTA is a world class city, as a result of numerous things, most of which is tax payers funding this/that by one means or another. Which leads to sooo much....................

Time to pay.
There's far more to Ontario than just the GTA.

And gee, for so many years you've worked hard convincing everyone your left of centre. I guess that buck stops at you.
/evil grin

Our kids?

JB you were in investments, you know you put your money where you can get the best return. That is why not many foreign investors are putting their money into homes outside the GTA, yet. Is it really the governments fault, any government, that people want to move to, and live in southern Ontario? I always thought that having people wanting to be where you are, is a good thing.