Armed with new data, B.C. set for crackdown on tax evasion in Vancouver property market

A real estate sign reading"Sold Over Asking" stands on display outside a townhouse in Richmond, B.C.Ben Nelms/BloombergGovernment policies aimed at reducing speculation in Vancouver’s property market have worked to curb foreign buying and speculative demand. That was merely part one, says high-profile immigration lawyer and analyst, Richard Kurland, who’s been studying the impact of those policies.

Mr. Kurland says that people holding high-end properties who haven’t been transparent about worldwide income may choose to unload those properties instead of face an audit, bringing more supply onto the market. With tax residency information in hand, and all of a person’s property addresses available, those owners can no longer claim principal residency for each property.As well, Mr. Kurland says, government now has the capability to look back several years into a property owner’s record and question them on previous declarations about principal residency.

The Quebec program is now on pause until next July. There is a backlog of around 20,000 people awaiting their applications for permanent residency to be processed. With heightened concern that the vast majority of applicants are not remaining in Quebec, Mr. Kurland says applicants are now facing new scrutiny, such as whether they own property, or have relatives elsewhere in Canada.

I noticed that some real estate agents would list the property on the market for a short period of time, then remove the listing and sold the house under the table then you can't find sold data. What's up with that? Getting commission privately to avoid tax?

Our Governments have failed us. Tax the shit out of everyone. Almost 2000$ per month rent for a basement or a top floor of a house. But more, more tax.

My money's on a lot of Chinese buyers getting to slide under the radar on this one while Canadians get shafted.

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Experts say proposed property tax increase could be devastating for Vancouver’s local businessesCity council is currently considering a draft of its 2020 operating budget that would increase property taxes by just over nine per cent GlobeBC That staff would bring forward this proposal demonstrates the complete failure of the Mayor to set a common sense agenda. GlobeBC People have to start leaving cities that over tax, & relocate to more competitive markets. This is the only way these policy makers will change or get punted.
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