Vancouver empty home tax
- Thread starter steaky
- Start date
I think we differ in our definition of "cashing out." I, and presumably Gordon, don't see ending up with an even bigger mortgage, as cashing out. It's not yours... you ultimately have to pay it back. Whereas if you sold your home or stocks or poodle or whatever, the cash is yours.
In 2.1, the author also mentioned "Canadians in other cities are not forced to raise their bids beyond what they can realistically afford with normal interest rates". This was somewhat BS. A Canadian friend of mine lost his bid in the Calgary housing market in 2014 and was forced to raise his bids. It was the economic downturn in the following year that helped made housing affordable.
Who is Gordon? The author or the other poster? If you sold your home, you will likely have to move somewhere else. Whereas, if you heloc or reverse mortgage, you can keep living there. Have you heard using other people money to invest? The profit (cash) is yours, not the lender's.
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It is not just the BCNDP that is blocking that Kinder Morgan whatever, First Nations, City of Burnaby and City of Vancouver as well.
Let's just wait and see how Federal gov't and court handle and resolve it.
Let's just wait and see how Federal gov't and court handle and resolve it.
There's more to that - punishing people with secondary or vacation homes:
https://globalnews.ca/news/4083087/west-kelowna-and-nanaimo-speculation-tax/
I said before, they should restudy the empty home tax and speculation tax, that should only target foreign individuals and companies, Canadians and PRs living or working in Canada should be exempt.
Isn't Ontario already have the non-resident speculation tax?
Isn't Ontario already have the non-resident speculation tax?
Better than no!
NDP shouldn't do so originally and now taxpayers have to pay for it.