Here’s a #torontorealestate Fun Fact! The Bank of Canada has FINALLY surmised, in a recent report, that increasing housing SUPPLY is the path to solving the affordability crisis embedded in our housing market. WOW!
This has been the Real Estate industry’s rallying cry for YEARS!
But so far, I see no levels of government in any provinces addressing this solution.
Instead I see in BC, for example, legislation that allows FIRST-TIME buyers to avoid Land Transfer Tax completely. Alrighty! Now we’re talking! But further along, in the fine print I see that this applies If, and only if, their purchase is for a property under $500K! So d’you know what the average sale price in Canada is? $800K! and in Vancouver $1.6ML, so what are the chances anyone will ever find a home under $500K? Bingo! NONE! Accident? Oversight? I don’t think so. And in Toronto, it is even MORE egregious. We have a provincial grab, I mean LTT AND a municipal one.
The average price for a detached home in #toronto is about $2ML so a buyer has to shell out to the government an additional $73,000 in taxes alone to the government. And what does the new homeowner get in return for this huge sum of money? NADA, NOTHING, ZILCH, SQUAT! neither in services nor in any other homeowner’s benefit. Of course, the governments target BUYERS ONLY(about 4% of the population at any given time)….the very people they NEED to make a transaction an actual income source for the government.
So how are future generations of buyers thinking about getting around this egregious punitive taxing? Well, it looks like #blockchain is vying to be a very active space where buyers and sellers (who also surrender gobs of money to the government for items like #capitalgains), can transact their business without registering with the government. And my question would be just how would #moneylaundering be tracked here?
BOTTOM LINE: the sources of revenue mentioned here for gov’t coffers are but the tip of the iceberg, when it comes to the torrents of money flowing out of or being extracted from the housing market. The gov’t is actually RESPONSIBLE for the lack of housing affordability in Toronto and across Canada. #caveatemptor #torontorealtor #torontorealestate #insidetorontorealestate
#toronto #realestate #realtor #luxuryrealestate #insidetorontorealestate #besttorontorealestate #toptorontorealestateagent #investintorontorealestate
It’s all the governments’ fault!
