China's Millionaire Migration

[Wormius]

Originally Posted by afc wimbledon

Well they wanted to do thirty but then a bunch of Chinese dudes bought houses on the last day and the percentage hit around fifteen and that didn't work, so they dropped the first five days and cut the last six and it just about gets the average down.

So question... Doesn't that count as an investment that would buy a foreign national permanent resident status in Canada? So does the 95% of buyers from Canada/PR include those transactions?

[afc wimbledon]

Originally Posted by Wormius

So question... Doesn't that count as an investment that would buy a foreign national permanent resident status in Canada? So does the 95% of buyers from Canada/PR include those transactions?

I think the investment program has to be a business or employer of some sort, not that it matters, that program is so riddled with corrupt lawyers and goverment officials driving home in new Mercedes it's not funny.

[calculoso]

Looks like the BC Government has finally acted

http://www.ctvnews.ca/business/b-c-t...yers-1.3001418

VANCOUVER -- Foreign nationals who buy real estate in Metro Vancouver would pay an additional property transfer tax of 15 per cent under legislation introduced Monday by the British Columbia government.
...
"For example, the additional tax on the purchase of a home selling for $2 million to a foreign national will amount to an additional $300,000," de Jong told members of the legislature.
...
"The amendments include anti-avoidance rules designed to capture transactions that are structured specifically to avoid the additional tax," de Jong said.
...
The legislation would also enable the City of Vancouver to amend its community charter in order to levy a vacancy tax.

[Ozy_Flame]

I was in Vancouver this past week. Lots of condos in metro Vancouver with shuttered windows, closed blinds, and no balcony items. Although it's simply anecdotal, I really started to see the empty residences first hand. It's too bad as well, there are lots of people who could use those places and more positively contribute to the local economy and community.

[Tron_fdc]

Perfect. All we need now to fix calgary's market is a direct flight from YYC-PEK, and a government who won't tax foreign buyers.

Thanks BC!

[Fuzz]

Originally Posted by Tron_fdc

Perfect. All we need now to fix calgary's market is a direct flight from YYC-PEK, and a government who won't tax foreign buyers 10%

Thanks BC!

Fixed!

[Wormius]

Are these changes provincial wide for BC, or is it just going to drive investors into the next closest market like Vancouver Island or the Okanagan? Or is it mainly because of the foreign population in Vancouver that makes it more attractive?

To be honest, I am hoping Calgaru becomes the next big market, so I can start my early retirement in Kelowna.

[Tron_fdc]

Hmmmm apparently metro Vancouver only.

I heard the other day foreign ownership is already trickling into Kelowna. This should help make it even MORE unaffordable to us cash strapped Calgarians.

[indes]

The west kootenays has been getting a crazy amount of immigrants in the last 3 years

[GirlySports]

government should charge more, it's just pocket change for the chinese

[Erick Estrada]

Originally Posted by GirlySports

government should charge more, it's just pocket change for the chinese

That's what I was thinking as if they are rich enough to drop $3 million on a house they aren't even going to use they will be able to fork out another $300k. Seems more of a mild inconvenience than a real deterrent and at the end of the day it just means more government money collected while average income earners looking for affordable living are still in the dark.

[CroFlames]

Typical money grab by the BC government.

They aren't interested at all in curbing the influx. They just want in on it.

Now only the elitist of the elite will be sending their kids to UBC and SFU. That will really help the situation.

[TSXCman]

Originally Posted by CroFlames

Typical money grab by the BC government.

They aren't interested at all in curbing the influx. They just want in on it.

Now only the elitist of the elite will be sending their kids to UBC and SFU. That will really help the situation.

This.

[Fuzz]

What are they doing with the money? $150 000 per million could build a lot of affordable housing....

[GirlySports]

there is no other way, cash grab or not the chinese are going to spend millions and there is nothing that can be done to curb the market so might as well cash grab.

[Flash Walken]

Originally Posted by Fuzz

What are they doing with the money? $150 000 per million could build a lot of affordable housing....

Lol.

BC government is the most corrupt government in Canada.

This will go into general revenue to make their budgets look balanced.

[calculoso]

Originally Posted by Flash Walken

Lol.

BC government is the most corrupt government in Canada.

With Wynne in Ontario also in power, that is quite the statement

[NuclearFart]

Originally Posted by Ozy_Flame

I was in Vancouver this past week. Lots of condos in metro Vancouver with shuttered windows, closed blinds, and no balcony items. Although it's simply anecdotal, I really started to see the empty residences first hand. It's too bad as well, there are lots of people who could use those places and more positively contribute to the local economy and community.

I lived in a Yaletown highrise for a few years and can confirm your perception. Tons of condos with blinds permanently up, and never any lights on. Although the apparent increased privacy was nice, it was actually a bit eerie at times.

[rubecube]

Originally Posted by calculoso

With Wynne in Ontario also in power, that is quite the statement

Clark and Campbell have a much larger body of work, and the BC NDP and SoCreds before them weren't a hell of a lot better. This is allegedly supposed to go towards affordable housing but I'm not holding my breath.

[Flash Walken]

Originally Posted by calculoso

With Wynne in Ontario also in power, that is quite the statement

Does Kathleen Wynne accept campaign donations from the Chinese government?