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Here is the thing none of you guys have focused on. If it doesn't cool the market, fine. Your government gets to take billions in tax dollars to fund public services, reduce income taxes, and fund infrastructure. It is a win win situation for most people in BC.
You are forcing these housing flippers to pay taxes for income they would never report in the first place and if they stay and abuse welfare etc, then at least the blow is softened by this tax.
Look at the Hong Kong market for example. Non resident tax, non first property tax allowed the Hong Kong government to have one of the biggest fiscal reserves in the world for a population of 7 million (how they decided to spend it is another thing). As a result, my income tax is effectively around 10% with zero capital gains tax.
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