# Petition to restrict Foreign Ownership in Vancouver



## Canuck (Mar 13, 2012)

https://www.change.org/p/premier-ch...src-reason_msg&fb_ref=Default#petition-letter


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## dogcom (May 23, 2009)

We have to be careful what we wish for. It would be great to get more affordability into the market but what about all the people who have huge mortgages to pay? Sure you can say tough for them but Vancouver real estate has been so high for so very long how can you blame them for not wanting to wait forever to buy.


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## OhGreatGuru (May 24, 2009)

It'll never fly, but one can understand the angst behind it, given what foreign money has done to Vancouver real estate.


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## GoldStone (Mar 6, 2011)

I agree it won't fly. Never mind that similar policies are already in place in Australia. Australians are not shy about protecting their own interests.

Oh well, too bad.


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## Canuck (Mar 13, 2012)

It will never fly because they'll find loopholes. But they could charge a lot more taxes, it would be harder to get around that, and if they charged enough it would 'maybe' be a deterrent.

As far as locals that bought in at high prices...I'd say in greater Van it was probably speculative buying, they assumed it would just keep going up, which it can't, regardless of these possible restrictions, unless of course all the "greater fools" are foreigners.

You can't just let something ride that will inevitably be bad for the economy and the communities because some recent buyers will lose some money. IMHO

Of course the politicians have other reasons for keeping it going...


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## Canuck (Mar 13, 2012)

Newest Price Graph for Greater Vancouver

Condos at 2009 levels, houses up 47% since 2009.

Westside Detached Benchmark price taken from the REBGV
May 2009 - $1,375,000
April 2015 - $2,490,000
+ 81%

http://www.chpc.biz/vancouver-housing.html

Those don't look like stats that represent a low mortgage rate and local buying market. Restrictions may not hurt as many local buyers as you think, but it might at least put a ceiling on the entire West Side going any higher.


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## MoreMiles (Apr 20, 2011)

If you own a property in Vancouver, do you want to see any policy to limit your asset upside?

If TSX and S&P have government interference limiting their upside, would you still hold stocks as nest eggs?

I think those people have sour grapes mentality. It's like saying stocks should not be allowed to be owned by foreign money, double standard isn't it?


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## Canuck (Mar 13, 2012)

"If you own a property in Vancouver, do you want to see any policy to limit your asset upside?"

Upside can be limited by Rates, CMHC changes, Amortization decreases, downpayment increases etc...

There is a lot more at stake than just the price of homes when it comes to foreign ownership in Vancouver.


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## MoreMiles (Apr 20, 2011)

I hate to say it. Without rich foreigners injecting capitals into our economy, our Canadian dollar and economy will be like Greece by now. What do we have? Just natural resources? There is very little technology or manufacturing business in Canada. So I actually support foreign capitals to come in.


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## Canuck (Mar 13, 2012)

but it's artificial, they are supporting one industry, the Real Estate industry.

The condos that they build sit 1/3rd empty most of the time, and the houses that they buy mostly sit empty, they are developing condos like crazy right now, we are at an all time building permit record as of this month. I have friends who deliver mail in the nicer areas of the West Side, and they say it's insane how many houses aren't lived in.

So we get Property taxes and Property purchase tax from them. If it were someone that actually lived here and lived in those houses/condos we'd get Income tax, PPT, property taxes and consumer spending, and it would add to the vibrancy of the city.

If we let too many be sold to foreign investors we are making our city at risk to whatever goes on in China, what if they all decide to just get out and move their money elsewhere? that would destroy locals that bought much more than just starting to implement some restrictions right now.


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## MoreMiles (Apr 20, 2011)

Everything is made in China nowadays, that profit has to go somewhere... the Chinese says:

'Ready or not, here I come...'

http://www.financialpost.com/m/wp/n...o-downtown-toronto-complex&pubdate=2015-05-09


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## Canuck (Mar 13, 2012)

prime example, they are building two condo towers in a City that has a glut of condos. This won't end well.


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## dogcom (May 23, 2009)

I think we need to get a little more creative then just stopping foreign ownership even if they don't live in the home. 

One could be that when they buy they must hold it for a time of like 5 years before they sell it. Another might be that they have a limited time that it can stay vacant and they would have to rent it or have it occupied after the limited time is up. Another one could be that they have to have it managed to a certain level bringing in jobs to do so if the house is to be vacant. This would also be a condition for maintaining insurance on the property.

I am no expert so my ideas could be off the mark but I am sure there are ideas out there.


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## NotMe (Jan 10, 2011)

Canuck said:


> prime example, they are building two condo towers in a City that has a glut of condos. This won't end well.


As a small aside, I'd like to make it a drinking game anytime anyone on a real estate board says "This won't end well." 

If seeing the future was so easy, we'd all be rich.


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## bgc_fan (Apr 5, 2009)

I am not sure why you need to over think it. We can simply follow Florida's lead and just have a higher property tax on nonresidents.


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