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British Columbia real-estate and foreign buyer taxes


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#701 LeoVictoria

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Posted 24 October 2018 - 09:32 PM

David Eby speaks in support of the spec tax.  I've downloaded and edited the transcript:  https://youtu.be/l_Sfsnl4Flg

 

So many people who wanted to live in those communities coming and saying we could work two lifetimes and never be able to afford to live in Vancouver and when you look at unfairness like that when you look at the unfairness of people buying property not living in it not paying taxes and then the people who live in the community who pay taxes who work hard who want a place for their families they want to stay in the communities they love.  
 
That is what drove a bunch of people to get involved in the election in government and to talk to members on both sides of the house about concerns in the housing market.
 
No surprise honorable speaker that the opposition opposes this they made their side very
clear in the debate when we were in opposition when I would stand up again and again and say people are being priced out of the real estate market forever that we have communities that are silent that used to be vibrant they're filled with vacant homes it's 
unacceptable please do something about it.  And they did not.  
 
The finance minister addressed the core issue that we faced and I can onlyassume that the members on the other side that have spoken against this do not know what's been happening in Metro Vancouver. Homes bought by students homes bought by house wives homes bought by numbered companies homes bought by trusts.   Transparency international saying that the top 50 most expensive properties in Vancouver owned by individuals with no apparent source of income.
 
Finally someone will come and say where did the money come from to buy this property how overdue is that.  We're not talking about seniors with lifetimes of paying taxes in British Columbia here we're talking about the reality of somebody buying a home a multi-million dollar home with no apparent source of income. The most expensive properties in Vancouver.  How did that happen?  
 
There are a group of people honorable speaker that will have difficulty explaining how it is that they're declaring poverty level incomes and buying million-dollar homes and I think 
it's okay to ask the question.  So I would like to say to everybody out there and there are many many thousands of people who have spoken out about this.  This government has been listening and this is why you contact an MLA this is why you show up to housing forum this is why.
 
How honorable speaker how do you avoid this oppressive tax?
You rent out the place in a housing market with vacancy rates lower than 1%. 
How on earth could you avoid this oppressive tax you rent it out or you live in it and you pay taxes in British Columbia.
 
I am so thrilled with this in many ways although it will be difficult for some people I acknowledge that.  This is an essential ingredient to addressing the housing crisis.  The members on the other side say if you address speculation if you address vacant homes developers will stop building homes.  What what they're building homes only to be held vacant?! This is what the development industry is based on this is what the members on the opposite side are defending?  If you tax empty homes developers will stop 
building homes because that's who they're building homes for?  
 
We want developers to build homes for people to live in we want developers to build homes for people to rent.

Edited by LeoVictoria, 24 October 2018 - 09:32 PM.


#702 spanky123

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Posted 25 October 2018 - 06:34 AM

The 1% vacancy tax isn't going to have too much of an impact on foreign buyers when the CDN dollar sits at $.70. Perhaps if we did a better job of managing our economy, spending responsibly and increasing productivity then we would be more competitive internationally and wouldn't have to worry about everyone else coming here and snapping up our cheap assets.

 

Ben Isitt telegraphed the intent of TV the other day when he suggested again that the CoV should create a development corporation and start building and managing its own housing inventory. 



#703 DavidL

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Posted 25 October 2018 - 10:14 AM

Ben Isitt telegraphed the intent of TV the other day when he suggested again that the CoV should create a development corporation and start building and managing its own housing inventory. 

 

Of course, because if the city is good at anything it's large scale construction projects.  We can't even get a bike lane built on budget. 

 

Building and managing housing is not a municipal area of responsibility.  Managing the land use of a city in such a way that development can be encouraged and shaped is the job of a city council.  These are two very different things. 


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#704 Mike K.

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Posted 25 October 2018 - 10:20 AM

Hmmm.

 

I wonder if Councillor Isitt's City of Victoria Development Corporation's buildings would include parking for residents  :eek:


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#705 DavidL

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Posted 25 October 2018 - 10:44 AM

Hmmm.

 

I wonder if Councillor Isitt's City of Victoria Development Corporation's  People Republic Of Camosack Housing Provision Secretariat buildings would include parking for residents  :eek:

Fixed that for you.  And no.  Application would have to be made to the Central Bureau of Automobile Transport and Storage for a parking permit. 


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#706 Mike K.

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Posted 25 October 2018 - 10:46 AM

Oh I can smell the bread from waaaaay back in the line already...


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#707 johnk

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Posted 25 October 2018 - 03:35 PM

Fixed that for you.  And no.  Application would have to be made to the Central Bureau of Automobile Transport and Storage for a parking permit.

Shouldn't that be "Buro", as in Politburo?

#708 Nparker

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Posted 16 January 2019 - 08:41 AM

Creating a bureaucratic nightmare.  :whyme:

...All homeowners in B.C.’s largest urban centres will need to apply for exemptions from the province’s new speculation tax or receive a bill, whether or not they are speculators, the government announced Tuesday. The Ministry of Finance said letters outlining the first speculation tax fees and exemption processes will begin arriving at all homes in Greater Victoria, Nanaimo, Kelowna and Metro Vancouver...It will be up to all homeowners to apply for exemptions, with a deadline of March 31. Those who don’t apply, or who don’t qualify, will be sent tax bills due to be paid by July 2...


https://www.timescol...-tax-1.23601394

 



#709 jonny

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Posted 16 January 2019 - 08:54 AM

WTH is this...what a mess. Big government sucks. We have to fill out this stupid form every year, and it will do nothing to impact affordability. How many highly paid BCGEU people did Carol James have to hire for this nonsense?

 

It's this kind of stuff that will crater Horgan's government. 



#710 Nparker

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Posted 16 January 2019 - 08:58 AM

...It's this kind of stuff that will crater Horgan's government. 

If the Nanaimo by-election doesn't do that first.



#711 rjag

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Posted 16 January 2019 - 09:03 AM

WTH is this...what a mess. Big government sucks. We have to fill out this stupid form every year, and it will do nothing to impact affordability. How many highly paid BCGEU people did Carol James have to hire for this nonsense?

 

It's this kind of stuff that will crater Horgan's government. 

 

I posted basically this on the Local Governance FB page and was attacked for complaining about my privilege. Comments such as 'aww poor you having to fill out a piece of paper because you have a house' or accused of being an angry old boomer with boomer memes etc.

 

Lots of angry little people out there that are drinking the NDP koolaid 

 

I tried to explain that its the process thats the problem not the fact someone owns a home, but they are so blind with their envy and faux rage..... 

 

Anyway, its the process, a negative option process is always going to have major issues....look how many ballots from the Referendum never turned up...2/3. And then the fact that they require your name, birthdate and SIN # on a document that you will return to them means there will be an excellent opportunity for identity theft happening. AND you have to do this annually.

 

But the bigger concern is this combined with the federal requirement on your income tax if you sell your principal residence means the days of tax free capital gains on your home are coming to an end.  


Edited by rjag, 16 January 2019 - 09:03 AM.

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#712 Nparker

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Posted 16 January 2019 - 09:05 AM

... a negative option process is always going to have major issues...

This.  :mad:



#713 lanforod

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Posted 16 January 2019 - 09:08 AM

there already is a form primary homeowners have to fill out if they want a tax discount on property tax. Why the heck can't they piggyback on that one?


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#714 Mike K.

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Posted 16 January 2019 - 09:10 AM

That's exactly what I was thinking. The work is already done!


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#715 Nparker

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Posted 16 January 2019 - 09:17 AM

there already is a form primary homeowners have to fill out if they want a tax discount on property tax...

You mean the Homeowner Grant "application" that is part of the annual property tax statement?



#716 RFS

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Posted 16 January 2019 - 09:20 AM

Election wise, this is a good thing because its a very visible, unavoidable nuisance that will piss many people off and that the GreeNDP are directly responsible for 


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#717 Mike K.

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Posted 16 January 2019 - 09:22 AM

But not those who live in the riding where Andrew Weaver and Carole James have vacation homes (Parksville-Qualicum and one of the Gulf Islands, respectively). Those jurisdictions were removed from the initial speculation tax coverage.


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#718 Nparker

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Posted 16 January 2019 - 09:24 AM

Pure coincidence I am sure.  <_<



#719 jonny

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Posted 16 January 2019 - 09:38 AM

Hey guys, this is actually great news. This is going to blow up so spectacularly. There's no way it doesn't. 

 

The best part about the NDP is they always, always piss all over themselves. The only surprising thing is they did it so soon this time around. 


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#720 Victoria Watcher

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Posted 16 January 2019 - 09:56 AM

Election wise, this is a good thing because its a very visible, unavoidable nuisance that will piss many people off and that the GreeNDP are directly responsible for 

 

if the liberals are smart each year they have a mailout ready to be delivered right at the same time saying how they will eliminate it.



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