Condo king calls for tax on flipping homes

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Bob Rennie, the ‘condo king’ of Vancouver says that there should be a new tax on those who speculate on the property market. CBC reports that Rennie suggested the idea to an audience at the Urban Development Institute saying that there could be a sliding scale of tax rates depending how quickly properties were flipped. He said that as banks won’t finance condos until the development is 60 per cent sold and it then takes some time to build, by the time the owners are able to move in that they choose to sell up instead due to the rise in market value. Rennie told reporters later that he did not agree on taxing foreign ownership but that speculation should be discouraged.
  • LanceH on 2015-05-25 8:00:54 AM

    Assuming it's bought to live in, this would require a HUGE departure from the Federal position that one's principal residence is tax free. And what if someone's personal circumstance changes, as has happened so often. And exactly how do you investigate every single person that sells before closing, or soon after? You gonna check their emails to family and stuff hunting for some statement about "cashing in"?? And once you have this excuse for taxing ppl on their principal residence, you think it won't slowly get extended a bit further and then a bit further til we're all paying it? Of course it would!! It's a stupid idea, but one no doubt Trudon't and Mulcair will fall for. So I think we should get them on video championing the idea, just so's Harper can come along and say "NOT!!! Better to charge the foreigners" (and look the hero). Seriously, do you think Cdn's want themselves charged or the foreigners charged an extra tax?? lol

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