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Timpo · 07-26-2016, 12:31 PM

House Price Horrors: Who You Gonna Call? Not Christy Clark
Premier’s latest step won’t bust ghostly killers of home affordability.
By Bill Tieleman, Today

House Price Horrors: Who You Gonna Call? Not Christy Clark | The Tyee

Running scared? BC Premier Christy Clark, behind Housing Minister Mike de Jong, reversed BC Liberals’ deregulation of realtors. Yesterday, again reversing its position, the BC Liberal government announced an extra 15 per cent tax on foreign nationals buying real estate in Metro Vancouver.

Dr. Peter Venkman: “This city is headed for a disaster of biblical proportions.” – Ghostbusters, 1984

Call Premier Christy Clark? You gotta be kidding. She’s afraid of those ghosts.

But nonetheless, Clark is holding a paranormal summer session of the BC Legislature because she is even more afraid of something else -- that she’ll be slimed by angry voters for not taking action to stop house prices from skyrocketing to completely unaffordable levels.

And what spooks Clark is the thought of losing the May 2017 provincial election as a result.

So on Monday the BC Liberals announced a surprise extra 15 per cent property tax on foreign nationals buying Metro Vancouver housing.

It’s a complete flip-flop from what Clark said just back in May: “By moving foreign owners out of the market housing prices will drop.”

It’s amazing how quickly a premier can change her mind after seeing a ghost – or more likely a series of deadly internal polls.

But this 15 per cent tax comes way, way too late. Prices already jumped 32 per cent in the past year alone and this 15 per cent property tax may not deter many foreign buyers who are fueling the rise. After all, it still leaves a 17 per cent profit every year!

And this 15 per cent property tax may not deter many foreign buyers. After all, it still leaves a 17 per cent profit every year!

Clark’s delay, and the price we pay

Horrendous housing prices are not surprising, given that the BC Liberals have steadfastly refused to deal with foreign nationals buying up billions in Metro Vancouver homes as a speculative investment, with no plans to actually live here – thereby driving prices up to astonishing levels, with detached houses in Metro Vancouver now at $1.4 million on average.

Those insane prices have resulted in a windfall revenue surplus for the province, with the property transfer tax adding an extra $605 million more than budgeted – a 44 per cent boost to $1.53 billion.

07-26-2016, 12:31 PM	#7249
Timpo I WANT MY 10 YEARS BACK FROM RS.net! Join Date: Mar 2002 Location: ... Posts: 20,300 Thanked 4,525 Times in 1,357 Posts Failed 4,505 Times in 971 Posts	House Price Horrors: Who You Gonna Call? Not Christy Clark Premier’s latest step won’t bust ghostly killers of home affordability. By Bill Tieleman, Today House Price Horrors: Who You Gonna Call? Not Christy Clark \| The Tyee Running scared? BC Premier Christy Clark, behind Housing Minister Mike de Jong, reversed BC Liberals’ deregulation of realtors. Yesterday, again reversing its position, the BC Liberal government announced an extra 15 per cent tax on foreign nationals buying real estate in Metro Vancouver. Dr. Peter Venkman: “This city is headed for a disaster of biblical proportions.” – Ghostbusters, 1984 Call Premier Christy Clark? You gotta be kidding. She’s afraid of those ghosts. But nonetheless, Clark is holding a paranormal summer session of the BC Legislature because she is even more afraid of something else -- that she’ll be slimed by angry voters for not taking action to stop house prices from skyrocketing to completely unaffordable levels. And what spooks Clark is the thought of losing the May 2017 provincial election as a result. So on Monday the BC Liberals announced a surprise extra 15 per cent property tax on foreign nationals buying Metro Vancouver housing. It’s a complete flip-flop from what Clark said just back in May: “By moving foreign owners out of the market housing prices will drop.” It’s amazing how quickly a premier can change her mind after seeing a ghost – or more likely a series of deadly internal polls. But this 15 per cent tax comes way, way too late. Prices already jumped 32 per cent in the past year alone and this 15 per cent property tax may not deter many foreign buyers who are fueling the rise. After all, it still leaves a 17 per cent profit every year! And this 15 per cent property tax may not deter many foreign buyers. After all, it still leaves a 17 per cent profit every year! Clark’s delay, and the price we pay Horrendous housing prices are not surprising, given that the BC Liberals have steadfastly refused to deal with foreign nationals buying up billions in Metro Vancouver homes as a speculative investment, with no plans to actually live here – thereby driving prices up to astonishing levels, with detached houses in Metro Vancouver now at $1.4 million on average. Those insane prices have resulted in a windfall revenue surplus for the province, with the property transfer tax adding an extra $605 million more than budgeted – a 44 per cent boost to $1.53 billion.