If you're dealing with people that have much more money than you, let them go ahead and bid it up.LongLiveRFD wrote: ↑May 10th, 2018 1:30 pmIt's a bad trade that all govts have to enter. You sacrifice average people/FTHB affordability for little extra time to breath until speculators push prices to new high again.
Effectively, the wealthy gets wealthier, and the poor gets poorer.
For foreign speculators, even the 15%FBT won't matter, as long as the next guy (you) bid a higher price, they are good.
Even if buying second property is banned outright, there will still be ways to speculate.
All you get is a bit more time, as Torontonians will learn, the hard way.
The person with less capital puts themselves into a lose lose situation entering the bid if they stretch themselves thin or can't afford it.
The buyer is the one who takes the risk, not the person that didn't buy.