Quote:
Originally Posted by Manic!
What if someone dies, gets a divorce or gets a job in another city? Also I have 2 mortages that are on 15 year terms.
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Not sure how my proposal affects anything.
If one has to sell, they sell and they will get every cent they put in back. It's only the capital gain that gets taxed. If no profit is made, no tax.
The purpose for such policy is not to punish homeowners, only to get rid of those who are in for a quick buck.
Say during the period of 2008-2016... you buy a RE and didn't have to do anything... you just kept it there and the price went up by 150%... what value did anyone add to it? nothing. And other than making it harder for those who want to call Vancouver home actually able to do that, we created no substantial value.
Shelter is basic human need, it should never had been a commodity for people to speculate upon. It creates all sort of social problems.
It's not going to be a popular policy... but it will get rid of our housing crisis for good. IMHO, as a person who call GVR home, a worthy tradeoff.