My take, penned a few months ago, remains just as true today: https://dredles.com/2018/04/05/turnips-and-ice-cream-speculation-tax-hooey-from-simon-fraser-university/
kel - 6 years ago
and thanks to the media, Canadians were tricked into believing it was the Chinese who owned too many homes. Father Time has shown the truth.
Frank Sterle Jr - 6 years ago
[Re: public opinion and polls] ….
Like Mark Twain, Homer Simpson doesn’t think much of statistics and public opinion polls … In the fifth season’s eleventh episode, “Homer the Vigilante”, he’s interviewed by Kent Brockman, the Emmy-winning newsman for Channel 6 TV: “Mr. Simpson, how do you respond to the charges that petty vandalism such as graffiti is down eighty percent, while heavy sack beatings are up a shocking nine hundred percent?”
To this Homer arrogantly replies, “Aw, you can come up with statistics to prove anything, Kent. Forty percent of all people know that.”
“I see,” says Brockman, unimpressed. “Well, what do you say to the accusation that your group has been causing more crimes than it’s been preventing?”
Homer again sounding ridiculous and overconfident: “Oh, Kent, I’d be lying if I said my men weren’t committing crimes.”
Brockman momentarily pauses before closing the interview with, “Well, touché.”
___________
And in the sixth season’s ninth episode, “Homer Badman”, it’s reported by Kent Brockman as he rounds out a news story on Homer being accused of sexually harassing Lisa’s (ardent feminist university student) babysitter—which, it turns out, was an innocent misunderstanding due to his usual idiocy—“Now, here are some results from our phone-in poll: ninety-five percent of people believe Homer Simpson is guilty. Of course this is just a television poll, which is not legally binding; unless Proposition 304 passes, and we all pray it will.”
Stephanie M. - 6 years ago
This is an asset tax not a speculation tax. If you want to curb growth in British Columbia this is the way to do it. So unfair of the Provincial Government to cherry pick cities that are going to be hot with this.
Carmen G - 6 years ago
This tax is misnamed, as it doesn't address speculation, which is widely understood to be buying and selling real estate within a relatively short period. It is misrepresented as targeting those who don't pay income tax in BC, when in fact the large majority of those affected will be BC residents. It is falsely positioned as enhancing affordability, which it won't because the homes targeted, even if rented out, would be unaffordable to most because anything owned by a BC resident under $400K is exempt from the tax. Most importantly, it is being proposed without an economic impact study which would determine the consequences of introducing such a tax, particularly in a real estate market that already softening as a result of tightened mortgage rules and interest rate hikes.
My take, penned a few months ago, remains just as true today: https://dredles.com/2018/04/05/turnips-and-ice-cream-speculation-tax-hooey-from-simon-fraser-university/
and thanks to the media, Canadians were tricked into believing it was the Chinese who owned too many homes. Father Time has shown the truth.
[Re: public opinion and polls] ….
Like Mark Twain, Homer Simpson doesn’t think much of statistics and public opinion polls … In the fifth season’s eleventh episode, “Homer the Vigilante”, he’s interviewed by Kent Brockman, the Emmy-winning newsman for Channel 6 TV: “Mr. Simpson, how do you respond to the charges that petty vandalism such as graffiti is down eighty percent, while heavy sack beatings are up a shocking nine hundred percent?”
To this Homer arrogantly replies, “Aw, you can come up with statistics to prove anything, Kent. Forty percent of all people know that.”
“I see,” says Brockman, unimpressed. “Well, what do you say to the accusation that your group has been causing more crimes than it’s been preventing?”
Homer again sounding ridiculous and overconfident: “Oh, Kent, I’d be lying if I said my men weren’t committing crimes.”
Brockman momentarily pauses before closing the interview with, “Well, touché.”
___________
And in the sixth season’s ninth episode, “Homer Badman”, it’s reported by Kent Brockman as he rounds out a news story on Homer being accused of sexually harassing Lisa’s (ardent feminist university student) babysitter—which, it turns out, was an innocent misunderstanding due to his usual idiocy—“Now, here are some results from our phone-in poll: ninety-five percent of people believe Homer Simpson is guilty. Of course this is just a television poll, which is not legally binding; unless Proposition 304 passes, and we all pray it will.”
This is an asset tax not a speculation tax. If you want to curb growth in British Columbia this is the way to do it. So unfair of the Provincial Government to cherry pick cities that are going to be hot with this.
This tax is misnamed, as it doesn't address speculation, which is widely understood to be buying and selling real estate within a relatively short period. It is misrepresented as targeting those who don't pay income tax in BC, when in fact the large majority of those affected will be BC residents. It is falsely positioned as enhancing affordability, which it won't because the homes targeted, even if rented out, would be unaffordable to most because anything owned by a BC resident under $400K is exempt from the tax. Most importantly, it is being proposed without an economic impact study which would determine the consequences of introducing such a tax, particularly in a real estate market that already softening as a result of tightened mortgage rules and interest rate hikes.