Quote:
Originally Posted by THE SCUD
Unfortunately this is impossible to do in the real world, given the inexpensive option of a foreigner using shell numbered companies to buy properties.
I think the right way to go is to have property title transfer tax on non residents (buy and sell) of something like 50%. Enough to stop turning our homes into the 21st century equivalent of swiss bank accounts.
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Anything punative directed against foreigners probably isn't great. Ultimately, the money from foreign investors is going into Canadian pockets/the Canadian economy.
If your goal is to make Vancouver/Canadian housing more affordable, you should focus your letter writing to the municipal level politicians. With less restrictions on developing new land and on increasing the density of the existing developed area, developers would increase the housing supply which would moderate huge price increases.