Quote:
Originally Posted by iEatClams
It looks like the debate on foreign money is finally starting to happen
London last year raised over $100 million in tax dollars on their new foreign property tax.
Again, I feel our government is turning a blind eye to this. It's not hard for them to start tracking data. How hard is it to ask, hey, where is this money coming from?
But if they start asking that then all the real estate developers and realtors - basically the whole industry will be up in arms. They don't want to jeopardize one of the main industries and income streams in Vancouver.
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Well if the gov keeps turning a blind eye our real estate market could turn up to be like HK where most people can't afford to buy into the market (Even middle class have no hope). Hopefully it won't be this bad.
A friend of mine in HK makes 2x as much money as me and still can't afford to save enough for a downpayment for a 300sq ft apartment. I feel pretty lucky that I can afford one.....