04/20/2017 - Ontario Canada Announces 15% Tax On Foreign Property Buyers; Saying No To Accepting China’s Capital Outflows
“The government will ban speculators from ‘assignment flipping’ in the pre-construction housing market. The move is targeted at investors who put deposits on multiple units at pre-construction prices — typically in condominiums, but sometimes in new subdivisions — then sell the title for profit before the building is complete, a process known as assignment .. Anyone who buys real estate in Ontario will have to reveal their citizenship and place of residence .. What this really means is that as two of China’s favorite targets of capital outflows shut their doors to more Chinese ‘investment’, the local oligarchs will simply have to find a new willing recipient. We expect that cities along the US West Coast – not to mention Warren Buffett, who as we reported earlier this week is now selling US houses to Chinese buyers – will be more than delighted to greet China’s trillions in capital outflows with open arms.”
