Here come some thoughts on the @christyclarkbc foreign buyer tax... #bcpoli
- First, a tax is never more popular than a tax on someone else. #bcpoli
- Second, BC Libs have argued so long against foreign influence on real estate, I'm not sure they've made the case for a tax hike. #bcpoli
- 3rd, history repeats. According to him, PTT was brought in by Vander Zalm to curb Chinese investment in top Vancouver real estate. #bcpoli
- 4th. If you're spending 100s of Ks more than home asking prices to get your $ out of China, will a 15% bump in PTT really stop you? #bcpoli
- 5th. I'm amazed that many of the same people who rip Trump for protectionism seem to be all-in for this form of the same thing. #bcpoli
- 6th. Targeted taxes have a sneaky way of becoming everybody taxes over time. #bcpoli
- 7th. Red hot market. $850m or so in foreign buyers in 5 wks. New 15% tax. Kinda feels like a cash grab. #bcpoli
- 8th. Eby, while wrong on always wanting higher taxes on everything, is right on getting around this tax grab:
o @Dave_Eby: Here's Australia's experience: "scams, front companies, contrived arrangements." You NEED to follow the money. https://www.theguardian.com/australia-news/2015/may/03/foreign-investors-face-crackdown-on-australian-property-purchases
- 9th. If you're looking for work, go into numbered company registration services. Going to be a lot of them pop up to avoid this tax. #bcpoli
- 10th. I'm not a Quebec immigration expert, but wouldn't anyone coming in thru their program be exempt from this tax? #bcpoli
- 11th. Even if tax worked, won't it just move foreign buyers to pricy Valley or Okanagan estates. Or to buy up tracts of ALR land? #bcpoli