Quote:
Originally Posted by GGnoRE
Following up on my previous post about why and how we need to tax speculation out of residential housing market, I came across an article that echoed my exact sentiment but with empirical data.
https://www.nationalobserver.com/202...d-make-it-hurt
From the article:
According to recent data from Teranet, Ontario’s land registry operator, nearly 25 per cent of homes purchased in the province in the first eight months of 2021 were by people who already owned at least one other property. In Toronto, that figure was nearly 30 per cent — more than first-time homebuyers or people moving from one home into another. Over the last decade, the market share controlled by multiple property owners has increased by 50 per cent.
We need to eliminate the potential for speculation out of the residential real estate market. This is by far the easiest and quickest solution that we have at our disposal currently. Whether its done through capital gains tax or property tax, if its done on the 2nd, 3rd, 4th property, it won't have a direct impact on regular homeowners. And for people with recreational properties, it shouldn't be hard for a policy to distinguish between a recreational property outside of GVA/GTA vs a second residential home within. |
So that data would include some one like me. We bought and closed our new place before selling our old place due to not wanting to end up in no man's land. One of my coworkers did the same thing where they bought and moved first and then dealt with cleanup and sale.
I didn't read the article cause lazy
but do they categorize whether if 2 properties were held onto for some period of time before inclusion? Cause otherwise some one like me would have skewed that data, and in this red hot market probably very common as well.