Sanuk wrote:
I just moved from Vancouver and the whole vacant tax thing is simply done to hide the real problems.
The government insists that the foreign ownership of condos is about 4% which is nonsense. For high end condos, it's probably about 50%. Entire condo units in Coal Harbor are owned by Chinese trying to launder their money from China. They use a proxy, usually a relative or student in B.C., to claim it is owned by a resident but the money is really from China. The government knows it so instead of taxing them, and risking the large foreign fees, they introduce a tax against absentee owners. The wealthy Chinese will get a student or someone to make the occasional visit to the condo to avoid the tax but fr the most part, they don't care, they're trying to get their money out of China and a small tax is a drop in the bucket. The tax really hurts Canadians who actually own a condo but also a second home and they can't live in both.
Our government is determined to let the Chinese investors come in to the country and it's a big mistake. Just ask Australia how that has worked out for them. Forgive my ignorance - what happened to Australia?
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