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Old 20 May 2017, 02:35 PM   #21
skiahh
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Quote:
Originally Posted by BristolCavendish View Post
This particular 'purchaser tax' has kind of an exclusionary ring to it. Was it enacted to curtail an increasing influx of immigration and settlement?

For those old enough to recall the 1980s and the economic prowess of the Japan, Inc. business model, most of the businessmen and engineers from Japan usually returned to Japan following a 1-2 year period of employment at their stateside subsidiaries and corporations. This was always their prime objective and very few resettled in the United States. On the other hand, countless Chinese and East Indian professionals have opted to seek permanent residency in the mainland United States and Canada. I suspect that it may have something to do with less than desirable 'quality of life' issues in many (or most) parts of China and India.
No, the stated purspose is to curtail the astronomical rise in housing prices. The theory being that either 1) the tax would put downward pressure on selling prices or, if not, then 2) reduce demand in the market thus slowing the upward spiral in prices.

It doesn't prevent sales, and applies to all foreigners equally, as I understand it. So exclusionary to all but Canadians, but not targeted at any particular groups. Except that it's primarily Asians buying up the properties, so you can put on the tin foil hat and say it's targeted at Asians, rather than housing prices, I suppose.
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