Quote:
Originally Posted by Fuzz
What? You think the people getting hit with this new tax are the "little people"? They will be scrambling for financing? Come on, they will just grab another bag of money and hand it over. These aren't Canadian families getting hit with the tax, it is foreign investors looknig for a place to dump cash where it won't loose value.
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No, I'm not talking about the people getting hit with the tax. They're the ones walking away from the deals, so of course I'm not eluding to them when saying they'll scramble to find financing.
Let's say you live in Vancouver. You just purchased a place for 1.5M and waived financing condition, because you have a firm sale on your previous residence that you sold for 1M. Now that buyer has walked on the deal, so you no longer have a firm sale on your previous home. Your mortgage on your new place has a condition that it's subject to a
firm sale on your previous home, as your income isn't enough to carry both debts. You're now scrambling.