Speculation Tax. Just Kicking The Can Down The Road!

Speculation Tax.  Just Kicking The Can Down The Road!
In this blog I’m going to talk more about the new speculation tax and how it’s going to do very little to address the real problem in the Vancouver housing market. That real problem is billions of untaxed dollars entering the housing market and the abuse of the principal residence exemption. I will also ( for about the 10th time ) give you my suggestions on what needs to be done to at least help level the playing field. By that I mean having these buyers contribute their fair share to the Federal and Provincial tax coffers.

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OWEN BIGLAND
MACDONALD REALTY
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http://owenbigland.com

VANCOUVER BC HOMES & CONDOS
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Speculation Tax. Just Kicking The Can Down The Road!
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19 thoughts on “Speculation Tax. Just Kicking The Can Down The Road!”

  1. Dear viewers, thanks for all the comments/questions on this video and others. Due to the number of questions, I cannot respond to all – else I would be in front of the computer all day. Some of the answers to your questions are dealt with in other videos so please take a look around. Instead of answering questions, I intend to spend the time creating new content that will help people stay informed. Thanks for watching!!!

  2. Owen, i really dont' like your videos.. but i can't lie to myself that you're indeed telling the truth about the really problem in housing…

  3. FYI, it is estimated that 200,000 households in BC declare poverty levels after buying a multi-million dollar homes. That is illegal and it is such a shame that the government turned a blind eye while locals picked up the tab. This tax will make Vancouver more of an unattractive place for local and foreign buyers to speculate. This is a good tax and it's unfair for locals to pay all the bills.

  4. We're due for a business cycle downturn. The macro picture looks a little bleak in 12-24 months. The macro picture, as the US increases interest rates and turn into more Trump pro nationalism agenda, i.e. tariffs and NAFTA. We have been in the longest business bull run in history with no recession.

  5. Very good overview. Thank you! The solution you explained, would solve part of the problem – foreign speculation/ownership aspect. Credit bubble is still the bigger issue…

  6. I applaud you for this video, it’s very honest and raw about the problem in your city. Maybe there needs to be a capital gains tax after a certain amount. I don’t think it’ll fix the problem but it might encourage some people to move their money to other markets with less restrictions/taxes. Plus the extra taxes could help the city. The tax dodging is so blatant it really makes you wonder why there hasn’t been a crackdown. Sounds like the Quebec investor program will need to be shut down as well.

  7. What you are saying is true. There is no more oversea buyers without pr status. But money is very difficult to come out from China nowadays thats y 2nd hand market is slow. These buyers are taking their time to send money for presale condo bc it usually takes 6-12 money to pay all 25% deposit which is reasonable time for these chinese buyer to gather relatives each relative will transfer $50k to the lawyer trust acct

  8. To clarify, a family unit can only designate one property per year as principal residence. In the video, you said that the dad, mom, children all designate principal residences in each house. This is not allowed right?

  9. All of these measures alone will not have a huge effect. But multiple taxes and tighter lending for mortgages plus raising interest rates could definitely lower home prices this year. It's getting harder for Chinese to launder and park their $ in this province. Unfortunately the government did nothing for so long it's far too late.

  10. Vacant properties should be taxed more. Period. I don't care where they are from. Homes are for living in. Not to leave empty 90% of the time.

  11. How does the government or CRA verify that a house is actually used as a principal residence?

  12. Owen this video showed me you do care. For a while I thought you forgot about the regular joes scrapping together a downpayment to afford in this market. 

    Thank you for putting this together.

  13. You seem like more of a scotch man. To answer your question, one method is Cryptocurrency escrow services based in Richmond

  14. Owen, so if the foreign buyers tax really hasn't been taxing many real "foreign buyers", why has the detached market slowed so much? Just a stigma?

  15. sooo trueeeeeeeeeeeee, you guys are tax-lovers , you vote people to allow you to pay more taxes.. nobody knows why. but it is great.

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