mubes Posted July 26, 2016 Share Posted July 26, 2016 http://www.knightfrankblog.com/global-briefing/news-headlines/vancouver-announces-15-tax-for-non-resident-buyers/ Now this seems like something. In an attempt to cool escalating house prices, the British Colombia Government approved a new tax for foreign buyers yesterday. The 15% foreign buyer tax will come into effect on 2 August 2016. Vancouver has led the rankings of our Prime Global Cities Index for four consecutive quarters. Prices in Vancouver increased by 17.3% in the mainstream market and by 26.3% in the prime market in the year to March 2016 and policymakers have been looking at ways to cool price inflation in recent months. Quote Link to comment Share on other sites More sharing options...
RickyD Posted July 26, 2016 Share Posted July 26, 2016 The Singaporean Government added a 15% tax on residential property for foreign buyers in 2013 and it did indeed have the desired effect of cooling the market. Click on the 10Y or Max and you can see what I mean: http://www.tradingeconomics.com/singapore/housing-index It makes me mad that the UK hasn't introduced anywhere near enough taxation on foreign buyers. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 26, 2016 Share Posted July 26, 2016 (edited) The Singaporean Government added a 15% tax on residential property for foreign buyers in 2013 and it did indeed have the desired effect of cooling the market. Click on the 10Y or Max and you can see what I mean: http://www.tradingeconomics.com/singapore/housing-index It makes me mad that the UK hasn't introduced anywhere near enough taxation on foreign buyers. Now why do you think the tax payer funded london 2nd home owning Mps haven't done this ? Edited July 26, 2016 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
RickyD Posted July 26, 2016 Share Posted July 26, 2016 Now why do you think the tax payer funded london 2nd home owning Mps haven't done this ? https://www.theguardian.com/housing-network/2016/jan/14/mp-landlords-number-risen-quarter-last-parliament-housing-bill Indeed, they have no interest in diminishing the price of something they are invested in. It still makes me mad! Quote Link to comment Share on other sites More sharing options...
Riedquat Posted July 26, 2016 Share Posted July 26, 2016 What madness, discouraging people from bringing wealth into the country. (did I manage to keep a straight face there?) Quote Link to comment Share on other sites More sharing options...
Riedquat Posted July 26, 2016 Share Posted July 26, 2016 (edited) duplicate Edited July 26, 2016 by Riedquat Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted July 26, 2016 Share Posted July 26, 2016 (edited) So when will this be introduced to the UK? Probably the same time as Article 50 is invoked (see answer below). Never. Edited July 26, 2016 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
council dweller Posted July 26, 2016 Share Posted July 26, 2016 (edited) I think the BofE recruited the wrong kind of Canadian . Maybe we need one who`s a bit less fifth colomn... Edited July 26, 2016 by council dweller Quote Link to comment Share on other sites More sharing options...
Fairyland Posted July 26, 2016 Share Posted July 26, 2016 Re introducing this tax in the UK, do you think any government will tax it's main export? Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted July 27, 2016 Share Posted July 27, 2016 More detailed analysis of what might or might not happen here: http://www.cbc.ca/news/business/bc-foreign-homebuyer-tax-housing-market-toronto-1.3696511 I know that Australia has a ban on non-residents buying resale property but that doesn't seem to have made much difference. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.