Will Christy Clark Start Tracking Foreign Investors?
The United States will begin tracking secret buyers of luxury real estate aka foreign investors. They will being by identifying and tracking buyers of luxury properties in Manhattan and Miami. In 2014, 54% of sales over 5 million in Manhattan were sold to Shell companies. Shell companies are companies which serves as a vehicle for business transactions without itself having any significant assets or operations. These companies are commonly used for tax avoidance and used primarily in its international operations in an attempt to dodge taxes.
With much of Vancouver real estate being sold to house makers/ house wives and corporations (Shell companies) will Christy Clark follow suit and identify and track buyers? Unlikely. It seems to be all talk and little action from both Christy and Vancouver mayor Gregor Robertson. A recent study from BTA works “architectural and urban research and development division” in Vancouver performed a study (link) which determined 88% of properties over 5 million in Vancouver (West Point Grey, Dunbar, University endowment lands) were sold to people with non-anglicized Chinese names. Certainly you could argue the study has some flaws as a name should not determine the entire outcome. But at what point do we look at these numbers and say there’s something here worth identifying and tracking?
A recent poll HERE stated that 79% of metro Vancouver residents were in favour of tracking and identifying data on property purchasers. When will the government start listening to what Vancouverites are asking. It seems highly irresponsible and quite frankly dangerous to continue to turn a blind eye. It’s time we follow suit with our American neighbours, it’s your move Christy.