this post was submitted on 12 Aug 2023
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Canada wants to make homes affordable without crushing prices (www.bnnbloomberg.ca)
submitted 1 year ago by [email protected] to c/[email protected]
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In a country with some of the worldโ€™s most expensive real estate, Prime Minister Justin Trudeauโ€™s government wants housing to become more affordable.

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[โ€“] [email protected] 0 points 1 year ago (1 children)

We do tax homes past a primary residence. In fact, we also tax the primary residence.

[โ€“] [email protected] 9 points 1 year ago (2 children)

Are you talking about the capital gains? Because that's not enough as it treats homes like any other commodity. Homes aren't an ETF. That's the whole point of the tax, to make it no longer an attractive investment vehicle for amateur landlords.

Again look at how Singapore does it, it works.

[โ€“] [email protected] -2 points 1 year ago* (last edited 1 year ago) (3 children)

No. Capital gains isn't a tax on homes. It is a tax on income.

We're talking about taxes on homes, and homes in Canada are taxed, including your primary residence.

But if you want to randomly start talking about income tax for some reason, yes, income generated by housing is also taxed. This is Canada โ€“ we tax everything.

[โ€“] [email protected] 3 points 1 year ago (1 children)

Well whatever tax you are talking about it's not effective in stopping speculators so it's not enough. Though if the concept of tax is too problematic I'm fine with an outright ban as well.

[โ€“] [email protected] 1 points 1 year ago* (last edited 1 year ago)

While I agree, one has to question why there is so much speculation in the first place.

The banks these days will give you 5% returns just sticking your money in a savings account โ€“ backed by a government guarantee in case the bank fails. That means housing needs to return something humongous to justify the greater risk.

Speculators can be wrong, but they are never random. There is something out there that makes them legitimately think that those humongous returns are quite possible. While a tax may serve as a bandaid to keep the infection away, what it is that is cutting us?

[โ€“] [email protected] 1 points 1 year ago (1 children)

What is this tax you're referring to? You seem to reference it in your comments, make snarky replays like the one in this comment. But fail to actually explain what tax Canada currently has in place that results in owners of multiple homes being taxed more based on how many homes they own.

[โ€“] [email protected] 0 points 1 year ago* (last edited 1 year ago)

But fail to actually explain what tax Canada currently has in place that results in owners of multiple homes being taxed more based on how many homes they own.

I would not explain that as we have no such tax of that shape, nor has the conversation ever been about such a tax. Your logical fallacy is ill-conceived.

Other commenters have specifically named the taxes we do have. I'm not sure stealing their thunder adds anything. Did you somehow forget to read all the comments before you thought flailing around like one of those whacky blow up men things you find at the used car lot was a good idea?