Quote:
Originally Posted by bat119
They aren't talking about vacation or rental homes the target is houses and condos bought by foreign conglomerates that buy dozens of dwellings then board them up no utilities are ever connected to them, In Toronto they estimate there could be as many as 65,000 driving prices up and making it unaffordable for most average people and causing as housing/rental shortage. It will eventually lead to the "bubble burst" everybody's been talking about for years
Vancouver demanded that B.C. amend that city's charter to allow it to impose a first-in-North-America vacancy tax that will go fully into effect in 2018. Homeowners are getting mailed notices warning them that they will have to make a declaration about the occupation of their property in 2017 by February of next year. If their property was not occupied by the owners or family and if it was not rented for at least six months in 2017, they will have to pay an additional 1 per cent of their home's assessed value in property tax.
https://beta.theglobeandmail.com/new...beandmail.com& |
If the average home in Vancouver > $1,000,000.00 then vacancy tax a 1% > $10,000.00. Wow.