- Jimbozig
- Sep 30, 2003
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I like sharing and ice cream and animals.
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http://en.guycaron.ca/making_taxes_work
Better tax enforcement. Plus a wealth tax and an Inheritance tax, yessssss.
This on top of wanting a BMI and putting PR as a top priority in any governing situation where the NDP has a share of power is why Caron is the best choice for NDP leader in terms of policy.
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Jun 6, 2017 15:48
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- Adbot
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May 10, 2024 01:40
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- blah_blah
- Apr 15, 2006
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Wealth tax would be *amazing* with all these homeowners sitting on million dollar illiquid assets.
As if primary residences wouldn't be the absolute very first thing exempted
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Jun 6, 2017 17:34
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- cowofwar
- Jul 30, 2002
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by Athanatos
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Lol China's ghost collateral
http://www.reuters.com/investigates/special-report/china-collateral-fake/
I wonder how many loans in Canada are secured against garbage in China. There shouldn't be any but who knows.
This is like when that group went to China and set up surveillance on a suspect factory owned by a company listed on American indices and found zero evidence of activity despite reports of incredible production.
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Jun 6, 2017 17:36
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- mastershakeman
- Oct 28, 2008
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by vyelkin
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If the federal government does any kind of homeowner bail out it will probably be using CMHC money going directly to banks to reduce risky mortgages, but allow those people to renegotiate at the lower mortgage value. No way the government would just transfer money to the people, you've got to get the banks their money! After all they followed all the rules right?!
if the lower value shows up anywhere , that hurts everyone around them in terms of Their Equity. so your bailout will be just like the American one - banks get made whole, a lucky few get mortgages at a lower interest rate, everyone else gets nothing.
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Jun 6, 2017 17:55
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- DariusLikewise
- Oct 4, 2008
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You wore that on Halloween?
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if the lower value shows up anywhere , that hurts everyone around them in terms of Their Equity. so your bailout will be just like the American one - banks get made whole, a lucky few get mortgages at a lower interest rate, everyone else gets nothing.
I didn't say it would effective or good, just saying the Liberals will never bail out people directly, just the banks.
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Jun 6, 2017 18:11
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://business.financialpost.com/personal-finance/mortgages-real-estate/foreign-buyer-debate-shifts-to-montreal-as-home-sales-hit-record
quote:
Foreign buyer debate shifts to Montreal as home sales hit record
Realtors in Montreal said Tuesday sales of existing homes reached record levels last month, as concerns continue to grow that foreign buyers may be eying the city as an alternative to jurisdictions like Greater Vancouver and southern Ontario where they face a special tax.
The Greater Montréal Real Estate Board said there were 5,057 residential sales in May, a 15 per cent increase from a year ago and the best May ever — topping a peak hit in 2007. The median price of a single family home jumped six per cent from a year ago to $319,000.
“As I understand it, non-resident buyers have been a growing factor in Montreal for some time,” said Doug Porter, chief economist with Bank of Montreal. “It hasn’t been obvious since the inflows are not as significant as in Vancouver or Toronto, and the underlying market simply isn’t nearly as tight as in those other two cities, so prices have remained well contained. In fact, Montreal appears highly affordable globally, and that by itself may slowly generate more foreign buyer interest. While it’s early to say, certainly there is a good possibility that some flows may now gravitate to Montreal from the GTA.”
The leader of Projet Montreal, the city’s main municipal opposition party, has said she’s worried there will be a rush of outside buyers into the marketplace. Valerie Plante plans to fight the next municipal election on getting power from the province to impose a tax.
Carlos Leitao, the Quebec finance minister, said his department was monitoring whether the tax from neighbouring Ontario will have a spillover effect on the Montreal market. “We just want to be prepared that if it needs to be done then we can do it quickly, but I don’t have any plans to do anything in the short-term,” he told the Canadian Press this month.
The tax, along with 15 other measures to cool the market in southern Ontario, may already be having an impact. The Toronto Real Estate Board reported Monday that May sales were off 20.3 per cent from a year ago in the Greater Toronto Area while average prices dipped 6.2 per cent from April.
The QFREB published an economic analysis at the end of last month and noted the Canada Mortgage and Housing Corp. proportion of foreign buyers in Montréal was estimated at only 1.5 per cent.
“In Montréal, the presence of foreign buyers would be limited mainly to certain central neighbourhoods for single-family homes and to the downtown area for condominiums. Activity by these buyers in the Montréal area could have an upward impact on property prices in some central neighbourhoods, as this is where they tend to concentrate their purchases,” wrote Paul Cardinal, director of analysis with the federation. “The impact would be limited given that Montréal’s real estate market conditions are very different from those observed recently in Toronto and Vancouver.”
Meanwhile, a Montreal think-tank says it’s time for British Columbia and Ontario to reverse decisions on a foreign buyer tax on residential properties.
“While it’s arguable that foreign buying has had an impact on prices in the Vancouver area, the evidence is far less conclusive in Toronto,” wrote Mathieu Bédard, an economist with the Montreal Economic Institute, in a research paper published Tuesday. “A tax on foreign buyers is not a solution to our bad public policies.”
The group says the focus should be more on increasing supply. If anything, the group says, provinces should consider scrapping rent control rules if they want to boost the housing market because those controls make housing less profitable, discouraging investors and leading to less construction.
“I think the question is does a foreign buyers tax really have an effect,” said Bédard. “We saw in Vancouver the market slow down after the tax and then start coming right up again. These types of taxes have no long-term effect. It’s only politicians trying to give the impression of taking care of problems and doesn’t affect the fundamental reason why prices are up and that’s a supply problem.”
Vancouver is now seeing prices and sales start to rise again after the province put in a 15 per cent tax on foreign buyers in August, 2016. Sales in Greater Vancouver in May jumped 22.8 per cent from April, while prices rose 8.8 per cent in May from a year ago and 2.8 per cent from April.
Bédard says Montreal doesn’t have the same supply problems as Toronto and Vancouver because it’s never had a similar greenbelt policy to restrict building of houses in and around the island. “Montreal also has a network of commuter trains and less restrictive policies except for rent control,” he said.
loving lol at this bedard shitheel
a french phd in economics from a bullshit french college
just relegate this dumb gently caress into the cam muir tsur sommerville dumpster of morons
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Jun 6, 2017 19:28
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- dev286
- Nov 30, 2006
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Let it be all the best.
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A semi in my area had a for sale sign up for about three weeks. Then they took it down. A house that would have had a bidding war two months ago didn't sell, even with a reasonable asking price. I don't think it sold because those SOLD signs stay up for loving ever.
The house next to my mom was bought by flippers and they have had a for sale sign up for weeks too in an area that was so hot recently that most houses were on the market for a day or two max.
So it seems poo poo is slowing way way down.
Just makes me cringe at the poor fuckers who paid 1.2mil for an east Danforth semi flip job 6 weeks ago. Oops.
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Jun 7, 2017 00:07
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- Rime
- Nov 2, 2011
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by Games Forum
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How many cities is this going to have to play out in before we ban foreign ownership at the federal level, JFC.
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Jun 7, 2017 00:52
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- namaste friends
- Sep 18, 2004
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by Smythe
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when fuerdai are buying up all the houses in saskatoon
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Jun 7, 2017 01:14
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- namaste friends
- Sep 18, 2004
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by Smythe
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saskatoon is the best place on earth
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Jun 7, 2017 01:14
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- I would blow Dane Cook
- Dec 26, 2008
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Can't post for 15 hours!
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What's that town in Canada that's near the north pole? Surely that isn't expensive yet.
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Jun 7, 2017 01:21
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- namaste friends
- Sep 18, 2004
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by Smythe
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Lol Chinese people in Edmonton gtfo
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Jun 7, 2017 01:43
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- HookShot
- Dec 26, 2005
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Even the Chinese realize Edmonton's a shithole.
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Jun 7, 2017 02:12
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- Frank Dillinger
- May 16, 2007
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Jawohl mein herr!
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Even the Chinese realize Edmonton's a shithole.
Like any other city in Canada is better.
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Jun 7, 2017 02:31
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- namaste friends
- Sep 18, 2004
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by Smythe
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quote:
Can Canada’s immigration industry bring federal millionaire migration scheme back from the dead?
The Conference Board of Canada has issued a report that recommends a new immigrant investor program - and says concerns about real estate prices in Vancouver must be ‘placated’
Few mourned when Canada’s federal immigrant investor program met its demise (1986-2014), crushed to death under the weight of endemic tax cheating, a vast backlog of applicants and the dubious ethics and temptations involved in selling residency.
Few, that is, outside the immigration industry.
For years the federal IIP had been a spectacular money-spinner - although not necessarily for the Canadian economy.
“Lucrative” doesn’t cover it: commissions of C$100,000 or more were being paid to “facilitators” for every successful referral of an immigrant to the IIP. Up to C$40,000 of that came from provincial investment funds receiving the applicants’ C$800,000 IIP investments; the rest was generally topped up by banks that provided financing for applicants.
Why so much, when the popular scheme was heavily over-subscribed? Consultants in the lucrative Chinese market, which provided the bulk of all applicants, were colluding to “fix” the commissions, raising concern that the practice would “incentivise fraud”, according to an internal Citizenship and Immigration Canada memo describing the payments. “Non-competitive pricing practices, particularly in the Chinese market, have the potential to result in the payment of substantially higher fees to third parties offshore,” the memo noted.
“The fact that access to the Chinese market is restricted through government regulations exacerbates this situation,” said the 2011 document, obtained under an access to information request by Vancouver immigration lawyer Richard Kurland.
Another immigration lawyer, Ryan Rosenberg, warned Canadian senators at the time of the potential for fraud in the federal IIP by immigration consultants, hungrily eyeing C$100,000 commissions and commensurately desperate for applicants to get approved.
“My point is that the carrot has never been more golden. There has never been a better reason to join the industry in an unregulated manner and to stop at nothing to see that applications are successful,” he told a committee.
By 2014, the point regarding commissions was moot – the federal IIP was axed, although Quebec’s sister QIIP still operates.
But now the immigration industry is hoping to bring the federal IIP back from the dead.
Courting millionaires and placating Vancouver
A new report by the Conference Board of Canada, designed to influence government policy makers and drawing heavily from immigration industry input, has recommended the launch of a new federal immigrant investor scheme.
Based on a December summit in Toronto, the report last month called for the evaluation of a range of at-risk and passive investment types, in the pursuit of a new IIP.
It should be noted here that investor migration is distinct from the type of entrepreneur migration that might require long-term, job-creating business engagement that encourages active participation – both economically and socially - from applicants. Investor migration instead hinges mainly on applicants willingness to hand over their cash.
“Entrepreneur and investor immigration allows Canada to attract people that can launch innovative businesses, increase the flow of foreign direct investment to Canada, and support economic development goals such as building infrastructure,” the board announced on May 2.
The report framed Canada as being in “competition” with other countries for investor migrants. “However, as other countries are becoming less welcoming to newcomers, Canada can position itself to reap greater economic benefits from entrepreneur and investor immigration in the future by opening its doors to more foreign talent,” said Craig Alexander, the board’s chief economist, according to a news release.
The report meanwhile took time out from immigration policy to suggest an “increase [in] the real estate supply to help address affordability concerns”, having concluded this “the best way to address rising real estate prices”. It even suggested investor funds might be used to build affordable housing.
The report acknowledged the various problems with the old IIP, including fraud. But with “careful consideration” and “strict program integrity”, such concerns could be put to rest, it said. “A public awareness campaign would also be required to placate concerns regarding the impact of immigrant investors on real estate prices in major cities such as Vancouver,” the news release said.
Kareem El-Assal, the author of the board’s report, told the SCMP before it was issued that it would “voice what was said at the summit, but [would] not be representative of the Conference Board’s views”. The board was “an evidence-based organisation”, Assal said.
The mindset behind investor migration
Tweaking the various rules that govern investor migration is one thing.
But this does nothing to change the fundamental mindset behind it – that Canadian residency, and thus eventually citizenship, should be put on sale in a competition-based marketplace.
And no matter how the benchmarks are set - for investment levels, how investors are scrutinised and how their money is spent – those ethical challenges exist in ways that they do not for other laudable immigration programs that satisfy admirable economic and humanitarian goals.
The practice of paying huge commissions to recruiters, and the subsequent risk of fraud? It could probably be eliminated - but such a problem is merely symptomatic of the required mindset.
To wit, the case of Xun “Sunny” Wang , a jailed Vancouver-area immigration consultant whose multi-million-dollar criminal business model was based on the idea that once Canadian residency had been purchased, there was no need to bother with future obligations – such as actually residing in Canada and filing accurate tax returns. Wang and his employees methodically helped hundreds of rich Chinese immigrants – reckoned by industry experts to mainly be IIP breadwinners – to fake their presence in Canada in order to qualify for Canadian citizenship. They were actually living and working in China.
This is not to suggest that all IIP migrants employ similar tactics – but for the majority of rich applicants, whose economic success is based upon connections and relationships forged in their home country, the same motivation certainly exists.
That it does so is born out in Canadian tax data. Another related problem with the old IIP was the chronically low levels of income tax paid by applicants – a pitiful C$1,400 per year on average, on par with refugees. As long ago as the 1990s, Canadian tax auditors were ringing alarm bells about this particular problem of millionaire migration – that applicants, like Wang’s clients, continued to earn their primary income elsewhere while declaring little or none of it in Canada.
Again, the problem is mindset – instead of residency being seen as a set of ongoing obligations and privileges, it is reduced to the status of a commodity, bought and paid-for.
The 90-page Conference Board report dwelt heavily on how Canada could compete in the global marketplace for millionaire investor migrants. But if the premise of the race is ethically flawed, it remains so whether Canada wins it or not.
The report also suggested coming up with a Canadian version of the US EB-5 scheme, costing US$500,000 per family, which grew in popularity after the IIP was axed.
Ironically, the publication of the report virtually coincided with a firestorm erupting around the EB-5 scheme, when it was revealed that the family of White House adviser Jared Kushner had been touting his administration links in their efforts to woo Chinese EB-5 investors to their real estate projects.
There were calls for the scheme to be halted from US senators and others. In an editorial, the New York Times dubbed the EB-5 a “scandal magnet” that sells green cards.
The Times’ editorial board was right. Selling visas is scandalous. And that’s regardless of whether it’s US or Canadian residency up for grabs.
awesome. just do it. then we start lynching fuerdai in the streets
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Jun 7, 2017 02:36
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- Spazzle
- Jul 5, 2003
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How would they bail out homeowners who didn't have mortgages? Just write them a cheque for 10% of their house's assessed value?
Negative property tax
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Jun 7, 2017 02:58
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- namaste friends
- Sep 18, 2004
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by Smythe
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what do you think deferred property tax is
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Jun 7, 2017 03:10
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- leftist heap
- Feb 28, 2013
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Fun Shoe
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Reminder that the Quebec Immigrant Investor program is still happily chugging along with zero changes.
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Jun 7, 2017 03:12
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- leftist heap
- Feb 28, 2013
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Fun Shoe
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what do you think deferred property tax is
please trigger warning "deferred property tax" in the future
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Jun 7, 2017 03:12
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- CRISPYBABY
- Dec 15, 2007
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by Reene
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e: nvm
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Jun 7, 2017 03:26
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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Or as I like to call it, Frenchie's Revenge.
Never ever do this to another person without clearly stated consent.
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Jun 7, 2017 05:17
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- I would blow Dane Cook
- Dec 26, 2008
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Can't post for 15 hours!
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The French and the fuerdai deserve one another.
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Jun 7, 2017 05:21
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- Mandibular Fiasco
- Oct 14, 2012
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The naked greed and unmitigated gall of these people. Unbelievable.
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Jun 7, 2017 05:34
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- RBC
- Nov 23, 2007
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IM STILL SPENDING MONEY FROM 1888
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the conferance board of canada is one of the most despicable capitalist fronts in the country
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Jun 7, 2017 12:31
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://vancouversun.com/news/local-news/home-buyers-cant-count-on-cheaper-suburbs-says-vancouver-credit-union-report
quote:
Home buyers can't count on cheaper suburbs, unless they look to Chilliwack: report
A new report from a Vancouver credit union says home buyers on British Columbia’s southern coast can no longer turn to the suburbs to find more affordable housing.
Vancity tracked the markets in 30 municipalities in the Lower Mainland and Greater Victoria over a 12-month period that ended on Feb. 28, calculating the median price of housing in each community and comparing that with the median income of residents.
Vancouver became only marginally less affordable over the period, but Vancity says the gulf between the cost of housing and median income widened in the suburban North Vancouver District, where housing affordability tumbled almost 38 per cent.
The study says the Victoria suburb of Oak Bay and the districts of Squamish and Mission, both more than 60 kilometres from Vancouver, also became significantly less affordable.
The report identifies a few pockets where homes are considered affordable for buyers including Chilliwack and Sooke, where buyers must commit between 24 and 35 per cent of their monthly income to pay for a mortgage.
Ryan McKinley, Vancity’s senior mortgage development manager, says the market is changing for people seeking cheaper housing.
“Buyers looking for affordable housing options used to be able to look to municipalities around Vancouver to find affordable options,” he said in a news release.
“While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of B.C. continue to rise.”
The report recommends buyers examine the cost of ownership and consider housing co-operatives or co-ownership rather than purchasing and cutting into the money they need to pay down debt or manage other living expenses.
It also calls on the provincial government to encourage every municipality to develop an affordable housing plan and suggests the Canada Mortgage and Housing Corp. look at doubling the density of affordable housing properties it has financed in the past.
loving loooooool
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Jun 7, 2017 20:20
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- EvilJoven
- Mar 18, 2005
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NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?
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Fun Shoe
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I'm the toilet lid he probably doesn't even bother closing before flushing, spraying aerosolized poo water all over his entire bathroomkitchen.
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Jun 7, 2017 20:29
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- namaste friends
- Sep 18, 2004
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by Smythe
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https://www.reddit.com/r/vancouver/comments/6fvw0k/what_can_i_do_about_an_airbnb_hostel/
quote:
I live in a small townhouse complex where one of the units is operating an AirBnB hostel.
I want to be clear that this isn't an individual renting out their unit on AirBnB, or even renting out rooms in their unit. It's a commercial-scale hostel operation.
The owner of the unit has converted numerous rooms in the house into bedrooms, packed the place with bunk beds, has vending operations inside the house, etc. There are
routinely 20-odd people living in this home with the durations of their stays varying from days to months. The owner has dozens of bed-by-bed listings on AirBnB.
This owner has racked up a very large sum in unpaid strata fines for bylaw infractions that include:
Permitting short term rentals of her home in contravention of by-laws
Housing more people in her home than by-laws permit
Housing more pets in her home than by-laws permit
Permitting short-term visitors to use the secure parking in contravention of by-laws
Using common property for storage of personal property
Storing an uninsured vehicle in the parking garage in contravention of by-laws
The strata's already seeking legal advice and the next step is a Civil Resolution Tribunal. In the interim, the hostel service continues and it's quite disruptive. In fact, the owner takes every strata action as a challenge and escalates activity.
The strata has also taken this issue to the City (of North Vancouver), which has done little other than to inspect the property and issue letters.
A city by-law inspector visited and found the owner's actions to be in contravention of city by-law. He scheduled a follow-up inspection and on that occasion discovered that
the owner had escalated activities. He scheduled a third follow-up inspection and found that the problem had not been remedied. He issued a Cease and Desist order... And scheduled yet another follow-up inspection for several months in the future. No real enforcement action has been taken and, naturally, the owner's activity persists.
What else is there to do to stop a problem owner like this?
sorry to break it to you but by-laws aren't laws
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Jun 8, 2017 00:24
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- Adbot
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ADBOT LOVES YOU
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May 10, 2024 01:40
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- Clipperton
- Dec 20, 2011
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Grimey Drawer
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Haida Gwaii looking pretty sweet right now
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Jun 8, 2017 05:38
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Jun 6, 2017 15:48
