Editor:
Our governments have mentioned that they may increase property taxes on properties owned by foreign purchasers.
Problem: Land assessments do not reflect the recent property sales – that is true sale prices.
I suggest a simple solution to reflect on true, pure selling prices. All sales of property by foreign owners are subject to capital gains tax on the sale price and no deduction using the purchase price. Period.
This will stop or slow down the flipping of properties.
As well, I am disgusted and insulted when our real estate companies and salesperson(s) state: “It is not that bad – things are OK.”
Yes, OK for them. Some of them are not able to walk normal with all the cash in their pockets.
When tear-down homes in Vancouver are listed for $1.2 million, stop telling the average person there is not a problem.
Fred Somers, Surrey