Tuesday, March 21, 2017

Hot Takes with Gino Ep. 4 – Markham Foreign Home Buyer Tax Disaster

A foreign home buyer tax was enacted in Vancouver BC to help curb the incredibly hot housing market in mid-2016. It worked. The Vancouver market has stabilized, achieving the intended result of making homes affordable for local residents.

In early 2017 Markham city council decided NOT to implement a similar tax to combat incredible increases in home prices due to the significant influence of foreign buyers. Why? Who influenced the Mayor of Markham to fight against this motion? What would possess a city to NOT ask for additional revenue generating power from the province? What other hidden factors influenced Markham to steer away from a proven solution to a similar issue?

[Hey Markham councillor Karen Rae, I’m sorry your intelligent and reasonable motion got squashed!] Please take a moment to visit CrewRoundTable.com to subscribe to this, and other shows, presented by the Crew Roundtable Podcast Network.

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