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#9008102 - 04/20/17 08:32 AM Ontario to tax foreign buyers
porschetr Offline
Post Master Supreme


Registered: 05/15/01
Posts: 23391
Loc: WBridge
Heard there are 60,000 empty homes in Toronto. Purchased solely for resale.

Will it pop the bubble?
http://www.cp24.com/mobile/news/ontario-...arket-1.3376589
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#9008113 - 04/20/17 08:45 AM Re: Ontario to tax foreign buyers [Re: porschetr]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
Nope.

Next!

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#9008173 - 04/20/17 09:55 AM Re: Ontario to tax foreign buyers [Re: Senor Eduardo_82]
xza8 Offline
Sr Member


Registered: 12/18/09
Posts: 1065
If it does happen, be prepared to pay more taxes to make up for the lost revenue from real estate transactions.

The government can barely pay its bills, what will happen when there's a drop in

- land transfer tax
- property taxes
- HST on real estate commissions
- income tax on real estate agents
- HST on builders
- income tax on builders

Vancouver is hurting and is easing its foreign taxes by giving refunds

http://www.theglobeandmail.com/news/brit...rticle33821689/

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#9008226 - 04/20/17 10:50 AM Re: Ontario to tax foreign buyers [Re: xza8]
Screamin Type ARGH! Offline
High Value Poster
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Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
ffffuuuuuuuuuuuuuuuuuuuuuuuu

also, for this tax...it won't help us "regular" folks trying to buy places, this will prob only affect big buck homes.
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#9008270 - 04/20/17 11:16 AM Re: Ontario to tax foreign buyers [Re: Screamin Type ARGH!]
Just A Troll Offline
Curved Street Thug Life
Post Master


Registered: 09/24/09
Posts: 2221
Look at what happened to Vancouver after their 15% foreigners tax.

1 - Big buck homes took a nose dive and they're still down.
2 - Average homes dropped but they've already starting going back up

Similar will happen here as well. All of our homes will take a short term hit. In about a year it'll go back up. All the local buyers that have been losing to foreigners will suddenly be able to buy homes without bidding wars. But eventually the inventory problem will come back and prices will go back up in about a year.

Where's the next boom going to be though? Where's the opportunity? You know that speculators and foreigners are just going to bail on the Golden Horseshoe and are just going to repeat this somewhere else in Canada. Ottawa? Montreal? Where?
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#9008472 - 04/20/17 01:43 PM Re: Ontario to tax foreign buyers [Re: Just A Troll]
Screamin Type ARGH! Offline
High Value Poster
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Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
 Originally Posted By: Just A Troll
Look at what happened to Vancouver after their 15% foreigners tax.

1 - Big buck homes took a nose dive and they're still down.
2 - Average homes dropped but they've already starting going back up

Similar will happen here as well. All of our homes will take a short term hit. In about a year it'll go back up. All the local buyers that have been losing to foreigners will suddenly be able to buy homes without bidding wars. But eventually the inventory problem will come back and prices will go back up in about a year.

Where's the next boom going to be though? Where's the opportunity? You know that speculators and foreigners are just going to bail on the Golden Horseshoe and are just going to repeat this somewhere else in Canada. Ottawa? Montreal? Where?


Dildo, NFLD.
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#9008538 - 04/20/17 02:18 PM Re: Ontario to tax foreign buyers [Re: Screamin Type ARGH!]
xza8 Offline
Sr Member


Registered: 12/18/09
Posts: 1065
I rather live with Chinamans horking phelgm out of their Porsche than whitetrash and their Aerostars





Bit hard to see the red caution sign.

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#9008714 - 04/20/17 04:31 PM Re: Ontario to tax foreign buyers [Re: xza8]
zaius Offline
Post Master Sr


Registered: 04/30/05
Posts: 8583
Loc: Toronto
finance minister sousa was tooting on CP24 that the budget is balanced this year and next year.

BA HA HA H AHA HA HA HA H AAHA

the only good thing coming out of this is rent control.
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2003 dc5 typeS.
looks stock.

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#9009274 - 04/21/17 09:38 AM Re: Ontario to tax foreign buyers [Re: xza8]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
 Originally Posted By: xza8
I rather live with Chinamans horking phelgm out of their Porsche than whitetrash and their Aerostars





Bit hard to see the red caution sign.


a bit snobby much? and racist too?



Either way, there's a big loop hole in the tax. International students may or may not be subjected to the big tax.
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#9013360 - 04/26/17 08:08 AM Re: Ontario to tax foreign buyers [Re: c2k]
Screamin Type ARGH! Offline
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Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
she tried to buy a home in the GTA then saw current prices..........

http://www.citynews.ca/2017/04/26/firefighters-rescue-woman-stuck-crane-downtown-toronto/
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#9013437 - 04/26/17 09:31 AM Re: Ontario to tax foreign buyers [Re: Screamin Type ARGH!]
phoenixrage Offline
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Registered: 01/15/08
Posts: 50785
Loc: People's Republic of Ontario
that's not what it means when they say you gotta bid higher...
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#9014033 - 04/26/17 02:33 PM Re: Ontario to tax foreign buyers [Re: phoenixrage]
BroKe Offline
Post Master Sr


Registered: 09/15/01
Posts: 3829
Loc: Markham, Ontario
Not enough being done IMO. Just a front to make it look like they're trying. But someone is getting paid so nothing will change. The fact that they waited this long to address it is pretty dumb.
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#9014170 - 04/26/17 04:25 PM Re: Ontario to tax foreign buyers [Re: BroKe]
Lafora Offline
Post Master Sr


Registered: 12/16/01
Posts: 4623
still waiting for just a troll's bubble-bursting call he made 7 years ago to happen.
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#9014232 - 04/26/17 05:27 PM Re: Ontario to tax foreign buyers [Re: Lafora]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
meh the gov has been happy raking in the taxes. Slowing down housing appreciation will only slow down the rake in lol.
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9014253 - 04/26/17 05:42 PM Re: Ontario to tax foreign buyers [Re: Hatorade]
Lafora Offline
Post Master Sr


Registered: 12/16/01
Posts: 4623
of course so it boggles the mind how people can think there'll be a burst.

i mean fuck, when people have to pay property taxes for owning a goddamn CONDO, you know what the deal is.

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#9014275 - 04/26/17 06:02 PM Re: Ontario to tax foreign buyers [Re: Lafora]
Hatorade Offline
pheggit
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Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
Yup and let's not forget land transfer taxes lmfao
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'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9014343 - 04/26/17 07:27 PM Re: Ontario to tax foreign buyers [Re: Hatorade]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
The 0.0000001% of incremental property tax surplus from these outrageous home prices is not even a speck of shit in terms of the financial damages the city will face from the implications of pricing out generations out of home ownership in the rapid way that it has happened here....but let's talk about how property taxes are pivotal criteria lol


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#9014616 - 04/27/17 07:31 AM Re: Ontario to tax foreign buyers [Re: Risky Business]
Lafora Offline
Post Master Sr


Registered: 12/16/01
Posts: 4623
this whole non resident tax thing should've been implemented YEARS ago.

i think i first read about some states doing that as far back as 2009 -- and that was only when i first knew about it. pretty sure some places in the states had that in their laws way before that.

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#9020225 - 05/04/17 08:26 AM Re: Ontario to tax foreign buyers [Re: Lafora]
Big Tasty Offline
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Registered: 02/10/02
Posts: 19600
Loc: Toronto
House across the street from me listed at 550K (way too low) and sold for 870K last month. It's a 4bdrm bungalow in original condition with the same owner from the 70's, electrical baseboards and no furnace.

My next door neighbour just listed, similar to my place but 1 car garage instead of 2. We back onto a semi private park, will be interesting to see what it goes for a year after I got my place.

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#9020241 - 05/04/17 08:44 AM Re: Ontario to tax foreign buyers [Re: Big Tasty]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
2 townhouses down from me listed yesterday for $879k, which is way below market. Gay bidding war setup for sure. I saw their agents car still there at midnight and they had some viewings. I'm guessing it's sold already. Yup how's that foreigner tax working out Mr. Government
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9020546 - 05/04/17 01:31 PM Re: Ontario to tax foreign buyers [Re: Hatorade]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
There's a loop hole to get around the foreigner tax. You just need to get a PR status or prove you're going to school in Ontario or working in Ontario.

Source: I work among a shitload of FOBs in my office and those are the loop holes they have told me to get around.
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#9020962 - 05/04/17 11:04 PM Re: Ontario to tax foreign buyers [Re: c2k]
Lost^
Unregistered



Looks like a fun time

https://www.youtube.com/watch?v=YfmHI2lvuHY

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#9021517 - 05/05/17 02:31 PM Re: Ontario to tax foreign buyers [Re: ]
JEFFOS Offline
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Registered: 01/27/00
Posts: 29139
Loc: Toronto
Oh it's a party.
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#9028201 - 05/14/17 12:52 PM Re: Ontario to tax foreign buyers [Re: JEFFOS]
jackedUP_hatch Offline
Jr Member


Registered: 05/21/02
Posts: 635
These investors come countries that do not allow Canadians to outright property in their countries.

Rules should be the same to citizens of these countries.

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