Ontario Canada Introduces Property Measures

[Davo36]

See this link: https://news.ontario.ca/opo/en/2017/...ffordable.html

They're introducing a 15% foreign speculator tax like BC did.

Also rent controls - which they already have, but must be stronger measures.

Also vacant property taxes.

They're having all the same problems we have here e.g. stupidly high prices, lack of housing etc.

I don't agree with the rent control, but the rest sounds sensible. Wonder why we don't do it here?

[Bob Kane]

Because those measures don't work.
Let's watch them for a few years and see what happens.

[Bobsyouruncle]

Paris has arguably the biggest problem. They just tripled their vacant tax to 60% as the original tax had zero effect!

http://www.zerohedge.com/news/2017-03-07/vacant-homes-are-global-epidemic-and-paris-fighting-it-60-tax

[Davo36]

Paris has arguably the biggest problem. They just tripled their vacant tax to 60% as the original tax had zero effect!
http://www.zerohedge.com/news/2017-0...ting-it-60-tax

It's only been in for 3 months Dean. So maybe it will work in time, who knows. But it could well be that the owners are wealthy and the capital gains are way bigger than this tax, so might not have any effect.

Rent controls only make things worse I reckon, but the foreign speculator taxes seem to have a big effect. Just look at house sales in Vancouver.

[Bobsyouruncle]

I don't know how 2015 to 2017 is 3 months. In our alternative universe it is 2 years. And did nothing. Hence the tripling of it now.

[Anthonyacat]

Whether the measures work to fix the underlying housing problem is debatable and won't be known for some time, but surely a foreign speculator tax is an excellent revenue gathering tool for the government, tapping a new tax base that can't vote them out.

[Bobsyouruncle]

If we had a problem that might be a good idea. But if I wanted to live in a communist or socialist country I would rather move to one than make NZ one.

[Davo36]

Paris has arguably the biggest problem. They just tripled their vacant tax to 60% as the original tax had zero effect!
http://www.zerohedge.com/news/2017-0...ting-it-60-tax

You said they tripled their vacant tax rate and it did nothing.... They did that in...

On January 30 this year, they decided to triple that amount to 60%.

You DIDN'T say they introduced a 20% tax and that did nothing.

And in regards to communism, it's communist China that's winning here. They're the smart ones, we're the dumb ones. If they want to come and play in our property casino, they have to pay.

[Bobsyouruncle]

Learn to read. I didn't say that at all. Read what you quoted.

[Davo36]

I quoted you and you say you didn't say it????

So you didn't say what your quote says?

Bit like your stuff Dean, all over the place.

[Bobsyouruncle]

Like I said, learn to read.

[Learning]

bob's quote "They just tripled their vacant tax to 60% as the original tax had zero effect!

You DIDN'T say they introduced a 20% tax and that did nothing.

Yeah, bob pretty much said exactly that. If you have an original percentage, triple it and end with 60% the original must have been 20%.

[Bobsyouruncle]

Thanks learning, the law was introduced 2 years ago not 3 month. Davo just can't read. And he's back to his lying and gossiping. Back on the ignore list he goes.

[Wayne]

You said they tripled their vacant tax rate and it did nothing.... They did that in...

Actually he said they tripled the rate to 60% because the original tax had zero effect.

You DIDN'T say they introduced a 20% tax and that did nothing.

so that is exactly what he did say.

I think your bias triped you up here Davo

[Davo36]

Man was too tired last night.

I stand corrected.

But this is still correct right?

It's only been in for 3 months Dean. So maybe it will work in time, who knows. But it could well be that the owners are wealthy and the capital gains are way bigger than this tax, so might not have any effect.

The tripling of the tax was 3 months ago right? Which is what I meant when I said it. Dean came back and said it was 2015...