Quote:
Originally Posted by UFO
Massive taxes like the 1-2% number being proposed on absentee owners? Not sure about you, but not entirely convinced that will make a lick of difference. Anyways saavy investors will find a loophole or skirt around whatever tax regulation, you can count on that.
Personally I feel we should be more mad at these multi zillionaires collecting welfare cheques, free MSP, and subsizidized social services using these precious scarce resources up from those who really need them. Now THAT is an actual problem, but not cool enough to make the headlines.
Tax investment properties one and all? Well that's also an additional tax on MANY locals. That's like saying since you own 2 cars, you should pay double the insurance so other people can also afford to buy a car. Crappy analogy, but you get my point I hope
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I'm not asking for a 1-2% tax on absentee owners. I think the tax should be 100%. Hell tax them 1000%. As far as I'm concerned if the problem is this large, they shouldn't be able to purchase, period.
If a canadian citizen can't purchase a home, then someone who is a non canadian citizen is allowed to buy it as an investment, gouge the shit out of them or simply don't allow them. If you can't live here, why the hell should you own a house here?
I do get your point, but as I've said before, people need homes more than they need cars. If thats what it takes, so be it.
Why does someone deserve to live in Vancouver I'm sure is the question that pops up?
Well, it takes many people to make a city great, and they come from all socioeconomic backgrounds.
They deserve to be a part of it a lot more than someone who is making 5 million dollars because they had a spare 5 million dollars, and then uses that 10 million to make another 10 million, then their kid uses that 20 million to make another 20 million.
All real estate investment is, is just old money multiplying to the families of the old money.
I do strongly agree with your point about social services.