1) In what way is purchasing property an abuse of the terms? Student visa holders are not prohibited from owning real estate.
2) What home ownership laws are being flouted?
[edit]
3) Can you explain how that works?
The fact is that there's 10x as many upper middle class people in China than there are people in all of Canada.
If you don't want foreign ownership of property then fine, push for that policy. But this tax is stupid, and screwing people over by suddenly changing the rules is wrong.
There are multiple things wrong with what has gone on in Vancouver.
1. Supply has gone down to where there is a huge undersupply. People can't afford the houses, the short supply causes prices to live there. Regular people are priced out.
2. People see good numbers of houses that are sold but no one lives in them. This is what should be taxed imho. The reason this is a negative is that using the stock of houses that are there is a public good, that matters when there's a huge undersupply.
3. Sure, there's some fear of "outsiders", Chinese people being an unending supply of big money coming in and screwing things up. Vancouver will become like SF and Seattle, fewer people will be able to be able to live in the city. Middle class will be priced out.
4 comments
[ 5.2 ms ] story [ 19.5 ms ] thread1) Abusing the terms of a student visa 2) ...to help someone else flout home ownership laws 3) ...to park money where it won't get taxed.
I really feel for them.
2) What home ownership laws are being flouted?
[edit]
3) Can you explain how that works?
The fact is that there's 10x as many upper middle class people in China than there are people in all of Canada.
If you don't want foreign ownership of property then fine, push for that policy. But this tax is stupid, and screwing people over by suddenly changing the rules is wrong.
That the province failed to exempt existing contracts that have not yet closed is an absolute disgrace.