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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
It just seems odd that people say these foreigners are so rich that they 'don't care' about any new taxes cause they can afford them. First off, I've yet to meet a rich person who doesn't care about spending more money on something, some of the cheapest fucks I know are the ones with lots of money. Second, if it's true and they don't care about paying more taxes, then that seems like such an untapped source of revenue that they should get on top of ASAP. Sounds pretty win-win.
The "luxury" tax home high end homes worked out to be somthing like an additional 50k for a 4.5 million dollar home, pretty sure even the very frugal wealthy don't dwell on that number for too long
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Dank memes cant melt steel beams
The "luxury" tax home high end homes worked out to be somthing like an additional 50k for a 4.5 million dollar home, pretty sure even the very frugal wealthy don't dwell on that number for too long
50k over here, 50k over there. After a while you have to start working. 50k of cash a year matters, you don't get rich by throwing away money. If I make a mil a year and I got dinged 50k all of a sudden, that's 5% of my income aka. a fuckton of money I'm losing.
However, if you are talking about these people after getting dinged 50k a year still buying up properties, that means these prices are still way lower than what they have to pay overseas. So the tax should be based on percentage. If you are thinking luxury tax exclusively for foreign owners, 50k is puny. 100% tax based on property value to start. This is based on the premises that the government actually care about local people.
I don't think price will drop dramatically then. And the prospective buyers could actually negotiate instead of scooping shits up with no subject.
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Then they can use the money to make Vancouver livable for the people that actually live here. We can help people embezzle money and at least get fucking rewarded for it, because as it stands, we aren't getting much.
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98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever
Westopher is correct.
Quote:
Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
Quote:
Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
You people do realize that taxing foreigners an extra $50,000 / $100,000 / $1M is just taking money out of the existing homeowners - most likely a Canadian resident and giving it to the government?
Anyone buying regardless of foreigner or local has a maximum amount they are willing to spend. Taxes, fees, etc all inclusive. Whether that's a million or a billion dollars. All a tax does is take that portion they were otherwise willing to pay the Canadian resident for the house and now it goes to the government.
Example:
A house is for sale $1M asking
Situation 1
Local willing to pay $1.5M
A situation with no foreigner tax and foreigner willing to pay $2M.
Foreigner gets the house
In this case the homeowner gets $2 million for his house
Situation 2
Local still only willing to pay $1.5M
10% Tax on foreigners sales
Foreigner is still only willing to pay $2M
In this case: Homeowner now only gets $1.81M
Government get $18,000 as a 10% tax Foreigner still only pays 2$ in total
So while everyone is keen on taxing foreigners all it does is take away from existing homeowners. That is those of you that already own, or friends, family and parents.
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So what you are saying is the tax will do fucking exactly what we are saying we want it to do, which is drop housing sale prices.
Thank you for your math.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever
Westopher is correct.
Quote:
Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
Quote:
Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
So what you are saying is the tax will do fucking exactly what we are saying we want it to do, which is drop housing sale prices.
Thank you for your math.
Its dropping the prices at the expense of existing owners and giving it to the government. And we all know what a good job the government does with our money.
Your house.
Your parents house.
Your aunts house.
Your families houses.
Your friends houses/
If you're so into the social good of lowering housing prices, why don't you pay out of your own pocket to all prosopective local buyers to help them out?
Because i know me and my family for sure arent into receiving less for our homes when they go up for sale
Even home owners aren't liking it when they've noticed their property taxes are getting so high they might be priced out of their houses. Getting upset that housing prices might reflect what people actually earn around here is ridiculous.
Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011
Location: North vancouver
Posts: 12,628
Thanked 32,346 Times in 7,533 Posts
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Quote:
Originally Posted by C-One
Its dropping the prices at the expense of existing owners and giving it to the government. And we all know what a good job the government does with our money.
Your house.
Your parents house.
Your aunts house.
Your families houses.
Your friends houses/
If you're so into the social good of lowering housing prices, why don't you pay out of your own pocket to all prosopective local buyers to help them out?
Because i know me and my family for sure arent into receiving less for our homes when they go up for sale
No one is taking your money.
You didn't EARN any money by buying a home and having an unwarranted drastic increase of property value due to corrupt investment and money laundering, and a lack of government concern for a group of its own citizens.
I don't give a fuck what my condo is worth. I bought it to live in. When I sell it, I'll buy another one, that will increase or decrease at the same rate as my condo unless I join another market.
If somebody is actually going to have financial distress due to their home values dropping, they aren't cut out for owning that home to begin with.
If people can't afford to live in a city and work there, how do you think the city can continue to exist?
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever
Westopher is correct.
Quote:
Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
Quote:
Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
Its dropping the prices at the expense of existing owners and giving it to the government. And we all know what a good job the government does with our money.
Your house.
Your parents house.
Your aunts house.
Your families houses.
Your friends houses/
If you're so into the social good of lowering housing prices, why don't you pay out of your own pocket to all prosopective local buyers?
Because i know me and my family for sure arent into receiving less for our homes when they go up for sale
Getting more money for your house is nice and everything, but as with the case in life, money isn't everything.
I know as least a few people who would gladly see their own home prices drop by 50% if it means their children or family can live closer to one another, afford a properly sized home to raise their family (instead of being stuck in a dinky apartment), or in the most extreme case, stay living in (Metro) Vancouver instead of moving away to another city. As a matter of fact, one of these people is a coworker who has just recently retired. She is by no means rich, and now she will be living on a fixed income (ie. her savings and retirement funds), so it certainly would have been nice if she could capitalize on some high RE prices and downsize from her current single detached home. But instead of doing that, she would much rather see the overall home pricing cheaper so that her daughters wouldn't have to live as far out in the boonies.
A perfect example is my neighbour. He and his wife bought their house about 6/7 years ago and talk about how lucky they are. I didn't know, but turns out he is the eldest of 4 children, and his younger siblings are screwed. He was mentioning to me how nervous his parents are, because they aren't sure how their kids are going to be able to manage with what has gone on. He could care less that his home has gone up by a million bucks. It's not why he bought it.
Look at it from the perspective of you selling the house.
Do you want $2,000,000 for your property or $1,000,001 ?
I think I've been pretty clear in my post above -- I'd much rather take $1M and have my parents and siblings living relatively close by than to pocket $2M and have them living way far apart.
Look at it from the perspective of you selling the house.
Do you want $2,000,000 for your property or $1,000,001 ?
Sounds like a realtor or someone with a lot "invested" in the RE.
If you bought your place to live, it doesn't matter what is your home worth except that'd dictate your property tax. But taking tax aside, does it matter that your home goes from 1M->2M->1M in 15yrs? You are not selling it, hence whatever figure showing your property is irrelevant. It's just a place with 4walls and furniture that you can come back to sleep every night.
One'd only care about his/her home value if the person is looking it as an investment (i.e. I buy it for 1M today, live for 5yrs, sell it for 1.5M and pocketing the 0.5M to do something else)
As westopher already put, if you bought a place, and you'd up/down-size any time in the future, the price is irrelevant. You'd move up and down along with it. If you can't afford Point Grey today, you are unlikely to afford it even if your house goes up 50%. Sure your house is now worth 50% more, but so is the house in PG. As long as you don't move out of this particular market, it doesn't matter.
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