Quote:
Originally Posted by CorsiHockeyLeague
I guess they figure if they have 35% down their risk is effectively nil, given the likelihood of the market dropping that much?
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A buyer would now also need to be able to pay the 15% foreign owner tax in Vancouver.
So a buyer needs 50% of the purchase price plus the 12 months of payments up front. As a foreigner is most likely not going to have any credit here and have a work history that cannot be easily confirmed, using the same "scrutiny" to assess foreign buyers and domestic buyers doesn't make sense.
All that being said, this system really only benefits flippers in a market where things are continually going up. That's not really happening anymore. At least no in Calgary or Vancouver.