Quote:
Originally Posted by underscore
2% doesn't sound like much, but that adds up over time.
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It's not a 2% tax. I'm saying that paying the proposed tax will only cost them 2% of their total equity over like 30 years.
For anyone that's purchased a home before the last 3 years, that doesn't even put a dent in the free theoretical money they have gotten.
Like supafamous said, a home is not an investment. That's why:
No one should be able to own a second, third, etc home without MASSIVE taxes.
Corporations shouldn't be able to own SFH of any kind
You shouldn't be able to own a home in Canada if more than 50% of your time is spent living in another country.
Anyone who's home has increased in value hasn't earned a penny of that equity, if we really want to go down the "homes aren't investments" path, which I do.
But, I understand capital gains tax will just fuck the homeowners that get priced out of the market they may just be moving into another house in, but that's moot because even though people talk about it that isn't happening.