Is a foreign real-estate surtax wise?

Re Foreign real estate surtax a bad idea for

Toronto housing, Aug. 2 Julie Di Lorenzo’s assertion that B.C.’s 15-per-cent land transfer tax on sales to foreign nationals is a bad move is typical of those concerned with losing runaway market conditions, which benefit developers but are not in the best interest of average Canadians.

Almost 1 in 5 (18 per cent) of residential home sales in Richmond, B.C., were to foreign nationals over a recent six-week period. Putting aside all ethics of where the money is coming from, do we want or need this form of investment?

The next step should be to significantly increase the municipal property tax for foreign nationals.

This is not, as Di Lorenzo implies, a NAFTA issue; Florida has been doing it to Canadians for years.

The good news is the B.C. government is doing something, albeit too little too late, with no guarantee that the additional revenue realized will make home ownership more affordable for average Canadians. Larry Miller, Delta, B.C. I constantly read in the Star that foreign buyers “may” be the cause of rising prices. There is a simple solution, vote for the politician who runs on the promise he will try to pass a law that reflects Prince Edward Island’s. You have to live there 12 months of the year to purchase property or at least a home.

There must be quite the money influence from the real-estate industry for a politician to not even attempt this.

Again the 1 per cent controlling the masses and how they live to ensure they stay in poverty. W. Arsenault, Napanee, Ont.

Julie Di Lorenzo’s statement that more condo units alleviate the tight rental market ignores the fact that condo unit rental does not help renters to have stable housing. The condo owners can pretty well resell the unit at any time, leaving renters searching for another place. It’s expensive to move and I would rather live in a purpose-built rental with more guarantee of a long-term occupancy. Dorothy Low, Richmond Hill