Urban Shocker
Doyenne
Indeed. I would have thought that Flipper and his ilk would be flipping annoyed by any potential new tax that might act like sand in the lubricant of their next flip.
Indeed. I would have thought that Flipper and his ilk would be flipping annoyed by any potential new tax that might act like sand in the lubricant of their next flip.
Not as long as prices continue to increase. It's such a de minimus increase that it will be invisible.
I don't doubt that you pay taxes. There are probably more than a few members of this board who pay an order of magnitude more in taxes than yourself.
If you know of anything significantly wrong at City Hall, then take it to the authorities. I somehow doubt they're misspending $500M per year simply based on the fact that Toronto has been raising taxes the slowest over the last 5 years (most Ontario municipalities have been bumping rates far faster than Toronto), spending really hasn't increased since the Harris/Lastman term (you know, fiscal conservative types), and most of the spending increases are in provincially mandated programs.
Yeah, just as big as that big chunk of change we all saved when the GST was lowered. Everyone felt richer as a result.
Seriously, anyone who ever bought a home knows that one percent is nothing. It doesn't hardly make a dent in the contingency fund you have to have. Real estate is a long term investment, not a short term one. If the flippers can't stand the heat, they should get into something less risky. Like Casino Rama.
I'm not a flipper, but I'm sure it would hurt them. You're right it is a risky business, nevertheless that 1.5% would add up and be costly for high volume flippers and developers.
If a one percent increase is a deal breaker, than clearly they can't afford it and need to look at lower priced properties. Taxes are a cost of doing business.
I would have thought that Flipper and his ilk would be flipping annoyed by any potential new tax that might act like sand in the lubricant of their next flip.
I'm not a flipper, but I'm sure it would hurt them. You're right it is a risky business, nevertheless that 1.5% would add up and be costly for high volume flippers and developers.
If a one percent increase is a deal breaker, than clearly they can't afford it and need to look at lower priced properties. Taxes are a cost of doing business.
Thank you mr. broken record
Yes, they're annoyed BUT they would be more annoyed if prices stopped climbing, though prices falling significantly is an interesting scenario for those with deep pockets . Massive cutbacks at city hall would do far more to hurt real-estate in Toronto, both in the short term and in the long run, than this new tax. The big players know what the alternatives are and realize this is the lesser evil; they will adjust their spreadsheets and continue on.