It hasn't done anything yet but create un-certainty. Which is affecting the entire market. I doubt there are many locals lining up to urgently buy real-estate right now.

That in itself will be enough for some people but the fact that the tax was implemented on public opinion vs. hard facts and numbers is an issue in my eyes.

While I don't believe the 5% numbers the govt. released; If that, or even double that was the extent of the problem they should have been looking at domestic measures to sort out the affordability issue. But that doesn't win votes.

Crashing the market is bad for everyone in Vancouver. Unless you have a bunch of cash and don't need to work for 5+ years.

If the market drops 20% but you live in China and don't give a toss about the economy for while. Do you think a 15% tax will slow any foreign investment?

NO, I think it would be the cost of doing business cuz thats what Vancover is for the millions of chinese millionaires just a safe place to park money cuz if you look at what has happened in the world in the last 10 years (stocks/money/global instability)Vangroovy RE is certainly a safer investment than almost anything I can think of?

We read about people who were actualy working here budgeting/putting down deposits pulling out of deals cuz they didn't have the money, the next wave will put that 15% in the budget OR invest in Toronto?

also its like a poker game everybody is looking at their cards looking at the rest of the table, do they get in the game or fold or what?

both the provincial and the fed gov have turned a blind eye and even promoted foreign ownership for 15 years so who knows what the real figures are?

crashing market will be bad for anybody who needs to sell like a job move a failing marriage and the # 1 reason most marriages fail …money

we still gotta dump that condo, we were intitialy hoping to see [HTML_REMOVED]400k but sis is now saying [HTML_REMOVED]400, a 55+ building in white rock is not the same playing field as Yaletown so we will see and I will keep y'all posted

WheresPedro.

Interesting stuff. Not sure how accurate it is, but interesting nonetheless. Might be a game changer if people get spooked that they broke the rules of the QIIP and dump their properties - IF this is actually happening, and in significant numbers.

http://www.vancitycondoguide.com/foreign-investor-gives-insights-on-new-tax/

Interesting stuff. Not sure how accurate it is, but interesting nonetheless. Might be a game changer if people get spooked that they broke the rules of the QIIP and dump their properties - IF this is actually happening, and in significant numbers.

http://www.vancitycondoguide.com/foreign-investor-gives-insights-on-new-tax/

thats excelent news… hopefully they all pack ship and fuck off..

http://www.vancitycondoguide.com/foreign-investor-gives-insights-on-new-tax/

Basically every country in the world is competing for China’s money. With BC having implemented the foreign buyers tax it has discouraged Chinese investors. Other countries such as the United States and Germany are promoting their Immigrant Investor programs similar to the QIIP. The capital outflow from China will certainly continue to grow, although it sounds like it will end up in other countries.

Yeah, foreign investment is fine, except when it being used to buy up finite/limited resources (housing, Lamborghinis etc) and make them scarce/expensive for people who live, work and pay taxes locally.

"They tell me the 15% tax makes little difference to Chinese investors. They see it as a small fee to pay and one that won’t affect purchase decisions. However, it is not the 15% tax that worries them, it is the policy that scares them. They feel the tax has created uncertainty with what may come next.

They fully agreed that offshore money was a driver in real estate prices and also acknowledged tax avoidance is a problem in Canada. They liked the idea of a property surcharge tax which would tax people based on whether or not they paid taxes here, instead of targeting nationality.

They went on to tell me they won’t be investing in Vancouver anytime soon due to the uncertainty.It’s interesting to note that if/when offshore money ends up in other countries and Canada loses out on that, how long does the Canadian government hold out before opening the flood gates again? Also makes you wonder with over 1 billion people in China looking to invest in real estate elsewhere, how much will real estate prices rise in other countries over the coming years? And how much do Vancouver prices fall?"

When foreign buyers are bidding over asking I think the 15% tax is just the price of doing business and not of much concern

Its more likely the uncertainty regarding what had up to now been certain…a safe place to put $$$$$

I think if JT and the Chinese gov decide to get tough on income tax evasion THAT could be THE real buzz kill for the foreigners looking to park their money somewhere safe?

"They tell me the 15% tax makes little difference to Chinese investors. They see it as a small fee to pay and one that won’t affect purchase decisions. However, it is not the 15% tax that worries them, it is the policy that scares them. They feel the tax has created uncertainty with what may come next.

They fully agreed that offshore money was a driver in real estate prices and also acknowledged tax avoidance is a problem in Canada. They liked the idea of a property surcharge tax which would tax people based on whether or not they paid taxes here, instead of targeting nationality.

They went on to tell me they won’t be investing in Vancouver anytime soon due to the uncertainty.It’s interesting to note that if/when offshore money ends up in other countries and Canada loses out on that, how long does the Canadian government hold out before opening the flood gates again? Also makes you wonder with over 1 billion people in China looking to invest in real estate elsewhere, how much will real estate prices rise in other countries over the coming years? And how much do Vancouver prices fall?"

When foreign buyers are bidding over asking I think the 15% tax is just the price of doing business and not of much concern

Its more likely the uncertainty regarding what had up to now been certain…a safe place to put $$$$$

I think if JT and the Chinese gov decide to get tough on income tax evasion THAT could be THE real buzz kill for the foreigners looking to park their money somewhere safe?

Not to worry….

http://globalnews.ca/news/2924703/toronto-real-estate-board-to-reveal-sales-numbers-in-wake-of-vancouver-foreign-buyer-tax/

"Toronto Mayor John Tory said it's too early to tell if Vancouver's foreign buyer tax is driving up real estate prices in Toronto"

China boosted such property markets as Canada and Australia or New Zealand. Vancouver is in chaos because of Chinese property investors. Canada is the fifth most popular country with Chinese property investors who are interested in purchasing condos for their children near universities. As a result, single-detached homes first move further into luxury budget territory leaving first-time buyers with funds enough for a condo and now we see what is going on. The same situation is in a row of English speaking countries - https://tranio.com/canada,new_zealand,australia,united-kingdom,usa/analytics/top_five_countries_for_chinese_property_investments_5131/

http://www.theglobeandmail.com/real-estate/vancouver/out-of-the-shadows/article31802994/

Wow. 604 is done.

http://www.theglobeandmail.com/real-estate/vancouver/out-of-the-shadows/article31802994/

Wow. 604 is done.

came here to post this as well. fuck that fucking fucker and his fucking fuck friends.

came here to post this as well. fuck that fucking fucker and his fucking fuck friends.

Yep. As a taxpayer, and someone priced out of the market, this article enrages me.

Beautiful B.C. One of the last places on earth where the rape of the land and the people go on unabated!
Let's give a great holla' for capitalism!

Not surprised globe and mail disabled comments on that article.

Yay for tax cheating Chinese!

Not surprised globe and mail disabled comments on that article.

Yay for tax cheating Chinese!

And willing Canadians in government positions to let this run unchallenged.