Brenda Brenda:
Of course. He doesn't live here, why the hell should he care? He just cares about generating money from his houses.
To set this record straight: Back in 1997 Lisa and I bought a home in Oak Bay and paid cash for it. At the time we were contemplatng moving to Canada sometime in the early 2000's and the investment made sense. It also made sense because we were living there about three months out of the year at the time.
Then 9/11 happened and my plans had to change. Not entirely my choice.
Things in Canada improved and we eventually started getting unsolicited offers on the Oak Bay place and, finally, we accepted an offer that was just crazy. Then we were confronted with the tax implications in the USA that would allow us to recoup our original investment (which we did) but that would just about confiscate the rest.
So we rolled over into two condos downtown in a building that, at the time, was struggling so our money did some good. Then we leased to a Russian family at a below-market rate because they're good people and they take care of the place. And even though the market has changed we will be extending their lease at the same terms when it comes due.
The second place we've been renting to a succession of UVic students with the understanding that one of the rooms is ours when we come to visit.
The revenues are held entirely in Canada and maybe someday we'll move there and use some of it. Or maybe not. We don't know right now.
In the interim we pay higher-than-resident property taxes and the net revenues all stay in Canada and are reinvested in Canada and we also use those funds to make the occasional charitable contribution within Canada.
Now at least you have the info straight and if you'd like to savage me you can now do so accurately.