Vancouver house prices are falling _ hacker news


Check out this proposal for a surtax which more targets the issue from a different direction, with a more simple implementation than foreign buyer or vacancy taxes.

> One example is the Immigrant Investor program, where those wishing to immigrate would make an interest-free loan to government of $400,000 in exchange for landed immigrant status. Hkd to usd exchange rate UBC geographer David Ley has shown that investor immigrants in the Vancouver region represent nearly 10 per cent of the Vancouver region’s population. Usd cad fx That population paid, on average, $1,400 in income tax 10 years after immigrating.

Usd eur bloomberg This is less than refugees.

> A property surtax is an elegant and legally safer way to reduce foreign capital flows into Canada’s cities than the new foreign buyer’s tax. Best exchange rate usd to inr A one per cent surtax would work like this: if you own a $1 million house, you will receive a surtax bill for $10,000. The boxer If you have already paid equivalent income tax, are on a disability pension, or if you are a retiree on CPP, the tax is a full deduction—you’ve already paid, thanks.

They don’t report their global income. Naira to pounds exchange rate today There’s a term in the Chinese investor immigrant community: “astronaut dads”. Convert text to binary Kids get Canadian citizenship and a good education, dad might keep working in asia, or may have made enough. Famous quotes about change During the 5 year immigration process (and also after receiving citizenship) people are supposed to report worldwide income, but the Canadian government has very limited resources and capability to investigate.

The interest-free loan of $400,000 to the Canadian government was also a weak test for ‘investors’. Iqd to usd The Canadian banks would front the money on behalf of the immigrant, if they prepay the interest on the loan. Amazon international shipping rates I was told by a banker that this was at a pretty high rate of around $120,000. Verizon modem setup This amounted to paying $120k to a bank in exchange for a clean citizenship path. Inr to usd exchange rate Lots of people benefited from this system (banks, property owners, developers) so it went on for a long time. Mortgage meaning in tagalog Ottawa ended the program in 2013, but one of the problems is that Québec hasn’t–they control their own immigration policy to an extent. Python dictionary So it became common for investor immigrants to apply to Québec but then move to Vancouver.[1] In theory, immigrants that bring a lot of wealth with them sounds great, but I was also shocked by the stat showing that they paid less taxes than refugees after 10 years.

> “Quebec gets the benefits from that loan, which lasts for five years. Binary addition overflow It’s a very lucrative program as far as Quebec is concerned but the downside is that the people don’t actually end up living there. Stock superstock There’s plenty of data that shows 90 per cent of those arrivals actually end up living elsewhere. Euro news today I think it’s fair to estimate that a large majority end up living in Vancouver.”

The truly terrifying thing is that the banks have been adding clauses to the mortgages that on renewal if the market value drops below the outstanding balance, the homeowner is required to pay the difference in order to renew.

This is scary because they will not have paid off much in the first 5 years, but the house price can certainly drop a lot in 5 years in a down market, and there would be very little hope for finding a new lender willing to offer a new mortgage for more than the market value of the house.