171–180 of 619 posts
If you think this law will be easy to sidestep, please read this post first: https://old.reddit.com/r/canadahousing/comments/zz92li/prohi... It appears that the law is well-designed to avoid such abuses and loopholes. Relevant xkcd: https://xkcd.com/1494/
This will be easy to side-step as it has been done all along now. Linking a random redditors interpretation is absolutely meaningless.
I really don't understand why governments around the globe just throw their hands in the air and pretend housing is an unsolvable problem for which they have no obligation to fix. It wasn't always like this - in 1922 in Australia we realised there was a shortage of 25,000 homes, so they just made it happen [1]. Why are we so impotent today? Do we just not care enough? Are the vested interests too powerful? [1] https:…
Earlier quoted context omitted.
Well-designed?! For who? From the actual law, at https://laws-lois.justice.gc.ca/eng/acts/P-25.2/page-1.html : >Offence >6 (1) Every non-Canadian that contravenes section 4 and every person or entity that counsels, induces, aids or abets or attempts to counsel, induce, aid or abet a non-Canadian to purchase, directly or indirectly, any residential property knowing that the non-Canadian is prohibited under this Act fr…
It's a short law. Right after the section you quote is this: "If a non-Canadian is convicted of having contravened section 4, the superior court of the province in which the residential property to which the contravention relates is situated may, on application of the Minister, order the residential property to be sold in the prescribed manner and under prescribed conditions."
IANAL, but between the two sections we've excerpted, and the already-posted, short law, it doesn't seem particularly well-designed, except as a temporary budgetary boost to the government.
Earlier quoted context omitted.
Why are only foreign rich people, and not local ones, interested in your mountain town? > What annoys m the most about these parasites, is they don't pay tax, they buy a property, use all the local resources I pay for as a tax payer, contribute zero to the local area. Why are they exempt from property taxes?
He said they're priced out. This means interested but without the wealth to outspend foreigners.
Earlier quoted context omitted.
I don't know about the Netherlands. But in many US cities — in particular SF & LA: 1) It's extremely difficult to get approval for new housing 2) There's a large backlog of developers attempting to build new housing ...which should convince anyone that regulation is the binding constraint, not a lack of willingness to build.
Fair enough, but I already acknowledged zoning to be a (local) factor. My point was that it doesn't explain unaffordable homes in vast parts of the world. You've taken the most notorious large city in terms of zoning but that does not represent the entirety of the issue of homes being absurdly expensive across the board. Which is not a SF issue, it's a widespread issue. Zoning doesn't explain the wider issue.
One good rule of thumb is that whenever people are blaming foreigners for their problems, they're wrong. Investment in housing and price increases are related. But it's the price increases that cause the investments, not the other way around.
> One good rule of thumb is that whenever people are blaming foreigners for their problems, they're wrong. The current trend is that people from nations that were colonisers are the cause of, and are responsible for, the woes of descendants of colonised peoples. It's good to see that you can see through the bullshit too. There are only select groups that can invest in property, they must reach the baseline investment…
What? I don't think that's what the OP is saying at all? If the descendants of colonizers and the colonized peoples have been living in the same country for centuries, what does this have to do with foreign investment in local assets?
If you think this law will be easy to sidestep, please read this post first: https://old.reddit.com/r/canadahousing/comments/zz92li/prohi... It appears that the law is well-designed to avoid such abuses and loopholes. Relevant xkcd: https://xkcd.com/1494/
Well-designed?! For who? From the actual law, at https://laws-lois.justice.gc.ca/eng/acts/P-25.2/page-1.html : >Offence >6 (1) Every non-Canadian that contravenes section 4 and every person or entity that counsels, induces, aids or abets or attempts to counsel, induce, aid or abet a non-Canadian to purchase, directly or indirectly, any residential property knowing that the non-Canadian is prohibited under this Act fr…
1. I sincerely doubt that the courts will let the law remain unenforced. Let's agree to disagree on that.
2. The reddit post goes into details (which I agree with) about how this law changes the incentives, so real estate agents, sellers, lawyers, etc. are unlikely to want to aid foreign nationals in circumventing it.
3. Selling is a punishment. Everyone gets fined, the house is sold, and the seller cannot get any of the upside from the sale. At best, they break even (minus the fine).
> Marginal note:Paragraph (1)(c)
> (2) Regulations made under paragraph (1)(c) must provide that no non-Canadian receive from the proceeds that results from a sale of a residential property ordered under section 7 more than the purchase price they paid for the residential property.
Earlier quoted context omitted.
Why are only foreign rich people, and not local ones, interested in your mountain town? > What annoys m the most about these parasites, is they don't pay tax, they buy a property, use all the local resources I pay for as a tax payer, contribute zero to the local area. Why are they exempt from property taxes?
I don’t want to name countries but they’re buyers from a country where people have a lot of disposable cash, where I live people don’t have that kind of money, that’s why. The property taxes are a flat rate for everyone who lives here. This is to be fair everyone I guess. Anyway, whatever the tax is, it’s easy for the people with money to pay it, it’s not a disincentive. Property tax and income tax are different thin…
Didn't you benefit from the taxes their windfall transaction generated?
Earlier quoted context omitted.
No. Owning housing produces a certain income for the owner. Either as the rent you can charge from tenants, or increase in the resale price. Both depend on the local supply/demand situation.
Yes, supply and demand. Excluding buyers reduces demand, and thus reduces prices.
Who ultimately owns the properties does not really enter into the price equation.
I know the stories of how foreigners are so greedy that they buy houses but decide to forego the income from renting them out. Those anecdotes don't pass my smell test. Greedy people like to have income!
I really don't understand why governments around the globe just throw their hands in the air and pretend housing is an unsolvable problem for which they have no obligation to fix. It wasn't always like this - in 1922 in Australia we realised there was a shortage of 25,000 homes, so they just made it happen [1]. Why are we so impotent today? Do we just not care enough? Are the vested interests too powerful? [1] https:…