Tuesday, June 14, 2016

This Day In Clarkland...All Your Foreign Buyers Are Ours.


Well, well well....

Whadd'ya know.

In addition to Singapore, Hong Kong and the state of Victoria in Australia, it looks like New South Wales (a.k.a. Sydney) is all set to start taxing foreign real estate speculators/money parkers/scrubbers.

Narayanan Somasundaram of Bloomberg News has the story:

Foreigners buying homes in Sydney will face a new property tax from next week when New South Wales becomes the second state in Australia to impose such a duty as soaring demand from China helps drive record prices.

Australia’s most populous state plans to introduce a 4 percent stamp duty surcharge from June 21 and from next year a 0.75 percent land tax surcharge on foreign purchasers, New South Wales Treasurer Gladys Berejiklian said in an e-mailed statement Tuesday. The measure, which comes on top of stamp duty that applies to all buyers, is expected to raise more than A$1 billion over four years...


Given that the Wizards of Clarklandia are now floating their economic 'boom' on the local REstate bubble and wurlitzering the bizarre notion that massive home price increases are leading us to a perpetual equity machine-driven Valhalla/Promised Land that is even better than a herd of Trillion dollar LNG Sparkle Ponies....

Is is it possible that...

The Wizards are actually rubbing their hands with glee at the notion that the attempts of other jurisdictions to soften the blow of a post-bubble crash will actually drive even more speculators/money cleaners to our shores?

Because, heckfire, if this keeps up even double-wide owners in Spuzzum will soon be paper millionaires!

As for the tax revenue that could be generated?....Who needs that when there are more MSP and ICBC premiums to be gouged out of the backs of the Rubes who actually live and pay taxes here (and who don't have a hope in heckfire of climbing aboard that perpetual equity train thingy)...
Super obscure ear worm wriggling out of sub-header?....This!



Anonymous said...

when you reach the peak of everest the grade is the same on the other side

Anonymous said...

good money bad money foreign money whats the difference bc liberals?

monied families first?
world class?-minimum wage
top priority?-anything
on time on budget?-move the goalpost

we needent need site c
we needent need massey
we needent need bc libs and their 32 to 66 billion dollar debt load 2002-2016

and dont use no double negatives

Anonymous said...

BC citizens pay a PPT - Property Purchase Tax already, doesn't matter how many hands it changes. Last thing we need is for this government to add another surcharge, fee, etc. to the "citizens" of this province/country.