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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > 15% tax on home purchases by non-resident foreigners in GTA area...
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15% tax on home purchases by non-resident foreigners in GTA area...




Ontario slaps 15% tax on foreign buyers, expands rent control in 16-point plan to cool housing market in GTA.

Ontario announced a slew of measures including a tax on foreign buyers and expanded rent control as part of a plan to temper escalating home prices in Toronto.

http://business.financialpost.com/personal-finance/mortgages-real-estate/ontario-slaps-15-tax-on-foreign-buyers-expands-rent-control-in-16-point-plan-to-cool-housing

http://www.cbc.ca/news/canada/toronto/wynne-housing-market-1.4077094

Is this implement really helps to slow down GTA soaring housing market??


 
RBO

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Location: Mississauaga

Post ID: 234673 20-04-17 10:07:31
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febpreet
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This made an impact in the Lower Mainland (BC) Vancouver last year when it was implemented. Slowed down the market and prices didn't go as up as were expected. Also stopped the crazy bidding wars. Not sure, how would it turn out in the GTA. Time will only tell.

But, we also have this lately, despite of the Foreign Buyer tax:

http://vancouversun.com/business/local-business/impact-of-b-c-s-foreign-buyer-tax-wanes-as-march-sales-surge-almost-50-per-cent


 
Last edited by: febpreet on 20-04-17 13:07:17
Post ID: 234674 20-04-17 12:08:23
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luckysaab
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You got to love how the government grab any opportunity to tax and tax some more. I think they are making this issue more complicated than what it is. Supply and demand - Econ 101. Build baby build. Hey let's make this complex problem so everyone smile while we tax. Not many average foreigners can afford a house in GTA. 15% more? No problem for Chinese ministers, Gulf Emirs or Russian oligarchs.

<LongLiveCanada>

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Post ID: 234699 23-04-17 13:24:04
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Blue_Peafowl
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Guys this is my personal opinion.. u take ur judgment based on ur info

Canada entire housing prices will start dropping in coming 8 to 10 months..by 2 to 3 years some cities especially gta might drop upto to 50%

So keep your own house but it's time to start selling ur investment property to make profit of current market

I know lot of people will laugh at 50% drop but it's coming..

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Post ID: 234784 30-04-17 20:49:43
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Delhite
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Quote:
Originally posted by Blue_Peafowl
I know lot of people will laugh at 50% drop but it's coming..



Have you met Rahul Singh recently?



Don't take it personally - I am just kidding. Trying to shake off the Monday blue in this gloomy weather . :D

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Post ID: 234789 01-05-17 09:36:33
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febpreet
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Quote:
Originally posted by Blue_Peafowl

Guys this is my personal opinion.. u take ur judgment based on ur info

Canada entire housing prices will start dropping in coming 8 to 10 months..by 2 to 3 years some cities especially gta might drop upto to 50%

So keep your own house but it's time to start selling ur investment property to make profit of current market

I know lot of people will laugh at 50% drop but it's coming..



That's what I have been hearing for the past 10 years. But, yeah, it will eventually come. Eventually! By then, most of the people would already have paid off substantial part of their mortgage.

In the meantime, here in Metro Vancouver, despite of the 15% tax, houses are selling in 2,3,4 days with multiple offers. New benchmark price for Townhomes in Metro Vancouver = $600k.

Yes, it started back, where it slowed down in Fall/Winter.


 
Last edited by: febpreet on 01-05-17 13:48:12
Post ID: 234792 01-05-17 12:57:23
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RBO
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Location: Mississauaga


Quote:
Originally posted by Blue_Peafowl


Canada entire housing prices will start dropping in coming 8 to 10 months..by 2 to 3 years some cities especially gta might drop upto to 50%




Hi BL,

Just curiosity, Any specific reason why house market will drop down upto 50%?

Any input please?

:cheers:


 
Post ID: 234793 01-05-17 13:42:07
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Blue_Peafowl
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Member since: Dec 08




Posts: 1288
Location: Brampton, Ont, Canada


last week i had chance to meet with few strong people in finance. They are expecting drastic correction coming to Canada's real estate

We had discussion on few important factor:

Manipulated low interest rate policy of the Bank of Canada
Housing prices vs wages in Canada
Allowing foreign capital inflows to influence real estate prices
When real estate seems to the main driving factor in our GDP



this cant last for so long time...
look at the Australia housing crash .. and we will get picture of Canada's real estate crash

FYI: Australia has better economy structure then our fake economy


Again, i'm only advice to sale investment properties

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Post ID: 234797 01-05-17 16:04:52
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Confused_Canadian
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It's all logical and sensible to think that the prices will drop. The question is when?. There are lot of people who cannot afford to buy the house, then there are hedge funds who have shorted the housing market for the last 3 years or so.


A tsunami is overdue it may come in the name of Interest rate change.

My guess is even if drops in 3-4 years it will only drop 10-15%. New Immigrants wont allow to drop 50% even though that's the point where it should go.



 
Post ID: 234799 01-05-17 19:17:36
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Blue_Peafowl
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Member since: Dec 08




Posts: 1288
Location: Brampton, Ont, Canada


Ok lets assume price will not drop drastically ..but can we denied the fact that it will not stable or drop few % in coming years ?

Then why take a chance of losing ? this is right time , we r on PICK time... get the most out of it. Win/Win

Pain of losing is higher then gain ...


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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)

 
Post ID: 234800 01-05-17 21:01:54
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Contributors:
Blue_Peafowl(3)  Confused_Canadian(2)  Delhite(1)  febpreet(3)  Fido(1)  Full House(1)  luckysaab(3)  
rajcanada(1)  RBO(3)  
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