Why are investors leaving Canada?
Why are investors leaving Canada?
Not sure what ‘investors’ you talk about. Money (cash) investors look for a return. In Canada all returns are massive taxed (although some of them may be reversed – see below). Real Estate investors on the pre-sale market are literally better off leaving their money in the bank, then having to pay 40% plus flipping tax federally, 20% provincially (BC). Plus pay 5% GST and 2.5% property transfer tax. Then pay a realtor $25,000 to sell it…and there goes all profit. I mean ALL OF IT! Why take the chance? That’s why we have a 28 YEAR low in PRE- condo sales in Toronto. 28-YEAR LOW!