Real Estate

BC 30 Point Housing Plan changes Real Estate for Generations

  • Last Updated:
  • Feb 20th, 2018 11:54 pm
[OP]
Banned
Jul 20, 2017
91 posts
132 upvotes

BC 30 Point Housing Plan changes Real Estate for Generations

http://bcbudget.gov.bc.ca/2018/homesbc/ ... For_BC.pdf

Key takeaways:

STABILIZING THE MARKET:
1.Taxing speculators who are driving up housing costs
2. Increasing the foreign buyers tax rate to 20%
3. Expanding the foreign buyers tax to areas outside of Metro Vancouver
4. Increasing the property transfer tax on the value of homes over $3 million

CRACKING DOWN ON TAX FRAUD AND CLOSING LOOPHOLES:
8. Moving to stop tax evasion in pre-sale condo reassignments
9. Taking action to end hidden ownership, including a new beneficial ownership registry
10. Strengthening provincial auditing and enforcement powers
11. Moving to close property tax loopholes on the ALR
12 . Expanding information collection and information sharing with the federal government to prevent tax evasion
13. Seeking permanent provincial-federal action to combat money laundering, tax evasion, and avoidance

BUILDING THE HOMES PEOPLE NEED:
14. Making a $6 billion-plus investment in affordable housing.
15. Building rental units for the missing middle – more than 14,000 units for individuals, working families and seniors
16. Housing for women and children affected by violence
17. Working with universities, institutes and colleges to build new student housing
18. Fixing existing projects with an eye to ensuring affordability for British Columbians
Last edited by youngbutgood on Feb 20th, 2018 5:58 pm, edited 2 times in total.
22 replies
Deal Fanatic
User avatar
Sep 8, 2007
9044 posts
10377 upvotes
Way Out of GTA
Government gets further into the housing business. Raise taxes on the remaining businesses. Wage war against Alberta.

Now I don't have to move to Venezuala!
Sr. Member
Jan 4, 2013
578 posts
117 upvotes
TORONTO
The new law is a brutal violation of human rights!

Foreigners life matters!

Foreigners should be treated equally and fairly as Canadians!
youngbutgood wrote: http://bcbudget.gov.bc.ca/2018/homesbc/ ... For_BC.pdf

Key takeaways:

STABILIZING THE MARKET:
1.Taxing speculators who are driving up housing costs
2. Increasing the foreign buyers tax rate to 20%
3. Expanding the foreign buyers tax to areas outside of Metro Vancouver
4. Increasing the property transfer tax on the value of homes over $3 million

CRACKING DOWN ON TAX FRAUD AND CLOSING LOOPHOLES:
8. Moving to stop tax evasion in pre-sale condo reassignments
9. Taking action to end hidden ownership, including a new beneficial ownership registry
10. Strengthening provincial auditing and enforcement powers
11. Moving to close property tax loopholes on the ALR
12 . Expanding information collection and information sharing with the federal government to prevent tax evasion
13. Seeking permanent provincial-federal action to combat money laundering, tax evasion, and avoidance

BUILDING THE HOMES PEOPLE NEED:
14. Making a $6 billion-plus investment in affordable housing.
15. Building rental units for the missing middle – more than 14,000 units for individuals, working families and seniors
16. Housing for women and children affected by violence
17. Working with universities, institutes and colleges to build new student housing
18. Fixing existing projects with an eye to ensuring affordability for British Columbians
Deal Addict
Nov 27, 2007
3636 posts
751 upvotes
y not cancel chmc and remove 90% backing of genworth,etc
Newbie
Sep 21, 2015
38 posts
11 upvotes
Maple Ridge, BC
About Time we had a Government actually helping the ordinary people and not catering to the rich.
RFD Member since 2006 but had to make a new account because I forgot password and email changed
Deal Addict
Jan 15, 2010
1197 posts
1414 upvotes
Toronto
So if you don't pay any BC income tax but list a property as a primary residence you don't have to pay the speculation tax?
Deal Guru
Feb 9, 2009
11292 posts
9796 upvotes
6 billion in housing? Good luck the masses are buying it hook line and sinker again ...
Deal Addict
Jan 12, 2017
1338 posts
667 upvotes
Lol, I assume this is all sarcasm
gimegime wrote: The new law is a brutal violation of human rights!

Foreigners life matters!

Foreigners should be treated equally and fairly as Canadians!
Deal Addict
User avatar
Jan 14, 2009
2499 posts
1462 upvotes
Vancouver, BC
Leave it to the NDP to shoot themselves in the foot. This will impact employment for generations but it will not improve affordability long term.

The Liberals were past their best before date and the NDP barely managed a minority government. The NDP will get swept once British Columbians become poorer. Otherwise we become the next New Brunswick but hopefully not :facepalm:.

Hopefully Ontario will be smart enough to capitalize on this. If they decide to one up us then good luck Canadian economy. We can't survive on unicorn tears and rainbows.

It always feels good during the revolutionary eat the rich phase but then reality sinks in.
Deal Guru
Feb 22, 2011
10473 posts
12991 upvotes
Toronto
Oh boy BC. I am curious to see how far that $6b goes. If I know the government at all it'll be blown on research and plans then only 1/10 will end up getting built, 3 years late. That's assuming the ruling party doesn't change, in which case it will all be scrapped for something else with none actually getting done.
Deal Addict
User avatar
Dec 13, 2016
3756 posts
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I would also like the same rule apply to TD, BNS, BMO, CIBC and RBC because I missed on gains since 2008. I want existing shareholders to pitch in especially regarding missed dividends and price appreciation.
Deal Addict
Dec 27, 2006
1972 posts
950 upvotes
zakarydoks wrote: Leave it to the NDP to shoot themselves in the foot. This will impact employment for generations but it will not improve affordability long term.

The Liberals were past their best before date and the NDP barely managed a minority government. The NDP will get swept once British Columbians become poorer. Otherwise we become the next New Brunswick but hopefully not :facepalm:.

Hopefully Ontario will be smart enough to capitalize on this. If they decide to one up us then good luck Canadian economy. We can't survive on unicorn tears and rainbows.

It always feels good during the revolutionary eat the rich phase but then reality sinks in.
Nonsense
Sr. Member
Jan 4, 2013
578 posts
117 upvotes
TORONTO
Totally agree!

Without foreign investment money, Canada will be very poor.

zakarydoks wrote: Leave it to the NDP to shoot themselves in the foot. This will impact employment for generations but it will not improve affordability long term.

The Liberals were past their best before date and the NDP barely managed a minority government. The NDP will get swept once British Columbians become poorer. Otherwise we become the next New Brunswick but hopefully not :facepalm:.

Hopefully Ontario will be smart enough to capitalize on this. If they decide to one up us then good luck Canadian economy. We can't survive on unicorn tears and rainbows.

It always feels good during the revolutionary eat the rich phase but then reality sinks in.
Deal Addict
User avatar
Jan 14, 2009
2499 posts
1462 upvotes
Vancouver, BC
gimegime wrote: Totally agree!

Without foreign investment money, Canada will be very poor.
Revolutionary fervour :twisted: may warm the heart but it will not fill empty tummies Crying Face. Trying to harm the productive to benefit the less productive will not work.

I hope Ontario will capitalize on BC's loss. Keep the Loonie up. Good luck to you guys Smiling Face With Open Mouth.
Deal Addict
User avatar
Jan 14, 2009
2499 posts
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Vancouver, BC
Motoss wrote: Nonsense
You're right! Up next is the Communist Utopia Smiling Face With Sunglasses! I'm looking forward to it!
Deal Addict
Dec 27, 2006
1972 posts
950 upvotes
zakarydoks wrote: You're right! Up next is the Communist Utopia Smiling Face With Sunglasses! I'm looking forward to it!
Stop being a drama queen!
Deal Addict
User avatar
Dec 13, 2016
3756 posts
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zakarydoks wrote: Revolutionary fervour :twisted: may warm the heart but it will not fill empty tummies Crying Face. Trying to harm the productive to benefit the less productive will not work.

I hope Ontario will capitalize on BC's loss. Keep the Loonie up. Good luck to you guys Smiling Face With Open Mouth.
You mean down
Deal Addict
User avatar
Jan 14, 2009
2499 posts
1462 upvotes
Vancouver, BC
Motoss wrote: Stop being a drama queen!
It's not drama, it's revolutionary optimism so bright it hurts my eyes lol Smiling Face With Sunglasses.

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