Foreign home owners in Vancouver just got hit with a whopper!

[RedDawn]

Originally posted by Sugarphreak
Seems like this is starting to cause a panic. Lot's of realtors are complaining that it isn't fair, and their clients that are in the middle of a purchase or sale are getting bamboozled. Also developers are not happy because this is going to have a huge impact on condo pre-sale agreements that are already in place.

Grabbed this quote from a Moneysense article:

Leaches panicking when their host dries up and the commissions from their pyramid scheme are on the line. Fucking realtors.

[revelations]

This just means more mainlanders will now take the direct flight from Shanghai to YYC

[HiTempguy1]

So, mission accomplished?

Additionally, you guys who are talking about developing the land there realize that even the Vancouver port is having issues with volume?

So yes, you could redevelop land that is currently in use, at the expense of driving away a lot of the lower paying jobs in the city... which essentially leaves you at the same point, nobody but millionaires being able to afford to live there.

[nismodrifter]

Had a discussion about this this with co workers today.

Zero fucks given. Nothing changes.

Loop holes exist, market will drive itself.

Realtors are already messing with the system (have dealt with this when house hunting).

Not going to do shit to the system IMO. We will see. For the mean time, I'll keep hunting for that elusive 4 mill house in suburbs.

[Sugarphreak]

...

[killramos]

Originally posted by Sugarphreak

Why are they giving these babies instant Canadian status?

I can only figure this is an oversight in a policy designed before you could travel to another country half a world away with nothing more than a credit card and a free evening.

Always takes some kind of an abuse of the system for policy to change.

We should just pull a leaf out of the US's book and tax our "citizens" no matter where they are in the world. Extend that privilege to anyone who owns property in Canada and we would be set

[max_boost]

At least these women appear to have money

[SKR]

So the point of this is to discourage foreign buyers from inflating the market, right? Where does the money go once the government collects it?

[Disoblige]

Originally posted by SKR
So the point of this is to discourage foreign buyers from inflating the market, right? Where does the money go once the government collects it?

You know the answer to that. Hookers and blow.

[Sugarphreak]

...

[atgilchrist]

Originally posted by revelations


So then I (as a rich foreigner) just setup another holding company based out of Vancouver, that manages the original one, or put a relative who is a naturalized citizen as a majority shareholder.

I'm guessing this falls under the FACTA legislation, which is much more comprehensive than people think when it comes to tax and ownership reporting. To simply open a corporate investment account, you need to provide details for shareholders, including ownership of the 2nd holdco (in your example).

I suppose you could have a relative who is a resident puchase the property, but you have to get them the dough first.

I'm not saying the rules can't be skirted, just it will be harder than you think.

[max_boost]

Originally posted by Sugarphreak


If I was in charge of immigration, I would bring only hot rich chicks into the country for my Canadian peeps

English optional as long as submissive

[Sugarphreak]

...

[spikerS]

Originally posted by Sugarphreak


The language of love ain't in English!

Nice! Lol I am seeing yellow fever making a comeback.

As for instant canadian citizen because they are born here, that could be, and should be changed to no canadian citizenship unless both parents are Canadian citizens.

[gwill]

Originally posted by Sugarphreak
Seems like this is starting to cause a panic. Lot's of realtors are complaining that it isn't fair, and their clients that are in the middle of a purchase or sale are getting bamboozled. Also developers are not happy because this is going to have a huge impact on condo pre-sale agreements that are already in place.

Grabbed this quote from a Moneysense article:

But I thought $150k is nothing to foreign buyers ?

I don't see how there won't be some negative fall out... People here must not have read that realtors in bc can now be fined up to $250,000. Add a buyers $150,000 land transfer tax and if they get caught cheating the system another $100-200,000 fine. These are very very significant penalties to deter people from cheating the system.

It's not like Alberta where a realtor can advertise a house that's 700 square feet bigger then it actually is and not even be reprimanded.

[suntan]

Originally posted by revelations


Fixed - I think this is what you mean.

Between the industrial parks giving way to condos, old RR corridors etc, there is much for RE development and tear downs of course.

Yup, there's still a lot of hellhole areas in Vancouver that need to be redone.

[max_boost]

Originally posted by spikerS


Nice! Lol I am seeing yellow fever making a comeback.

As for instant canadian citizen because they are born here, that could be, and should be changed to no canadian citizenship unless both parents are Canadian citizens.

come back? It's been a thing on beyond since inception

[hks]

Originally posted by revelations


So then I (as a rich foreigner) just setup another holding company based out of Vancouver, that manages the original one, or put a relative who is a naturalized citizen as a majority shareholder.

The two corps would still be associated, regardless if a naturalized citizen controls it. Any kind of blood relationship with >50% ownership will automatically mean association between two corps.

There are obviously ways holdco's can be setup to avoid association, but it's quite complex and requires a lot of planning.

[JAYMEZ]

Talking to my office and clients who are Chinese buyers, none of them care.. And its easy to get around the 15%

[googe]

Originally posted by killramos
I recently read that genuine foreign nationals only make up like 5% of the real estate transactions in greater Vancouver.