Liberal candidate says tax on sale of your home is coming....

Quote:

---

Originally Posted by Sharon

I thought this was the plan:

"A think-tank funded in part by the Canada Mortgage Housing Corporation (CMHC) and National Housing Strategy is proposing that homes valued at more than $1 million be subjected to an annual deferrable surtax as part of a plan to tackle housing inequality."

As I don't have a million dollar home, I wasn't worried.

CMHC-funded group proposes surtax on homes over $1 million to address housing inequality | Financial Post

---

90% of the homes sold around our area are selling for $1M plus. Taxes on resales will be the biggest governmental cash cow in history,at least,until the bubble pops and real estate values crash.

Quote:

---

Originally Posted by trimmer21

90% of the homes sold around our area are selling for $1M plus. Taxes on resales will be the biggest governmental cash cow in history,at least,until the bubble pops and real estate values crash.

---

So in other words, tax the snot out of some guys home that he worked his arse off to get and maintain !!! I’m starting to believe the village idiot’s great reset scheme !!!!

Quote:

---

Originally Posted by trimmer21

90% of the homes sold around our area are selling for $1M plus. Taxes on resales will be the biggest governmental cash cow in history,at least,until the bubble pops and real estate values crash.

---

Thanks. I guess I live in a hole. :) I didn't know houses/properties were that expensive up there.

Quote:

---

Originally Posted by trimmer21

90% of the homes sold around our area are selling for $1M plus. Taxes on resales will be the biggest governmental cash cow in history,at least,until the bubble pops and real estate values crash.

---

It would make sense the majority liberal votes are from the gta where housing cost have ballooned. They voted liberal its time to pay for what they vote for.

Quote:

---

Originally Posted by Patriot

It would make sense the majority liberal votes are from the gta where housing cost have ballooned. They voted liberal its time to pay for what they vote for.

---

Toronto is Trudeau's voter base and is likely why they haven't pulled the trigger on it. Don't bite the hand that feeds you.

Quote:

---

Originally Posted by trimmer21

90% of the homes sold around our area are selling for $1M plus. Taxes on resales will be the biggest governmental cash cow in history,at least,until the bubble pops and real estate values crash.

---

Well one would have to believe real estate values will drop. The lack of housing inventory and level of immigration still see's a trend upwards.

We are behind 650,000 houses in Ontario alone.

https://financialpost.com/news/econo...ays-scotiabank

Quote:

---

Originally Posted by Gilroy

Well one would have to believe real estate values will drop. The lack of housing inventory and level of immigration still see's a trend upwards.

We are behind 650,000 houses in Ontario alone.

https://financialpost.com/news/econo...ays-scotiabank

---

Possibly,but,not likely. Interest rates will have to rise at some point and when they do,hundreds of thousands of over extended people will be burnt badly.

Quote:

---

Originally Posted by trimmer21

Possibly,but,not likely. Interest rates will have to rise at some point and when they do,hundreds of thousands of over extended people will be burnt badly.

---

Well in the last 4 years they have added over a million new immigrants to Canada, probably mostly in Ontario and Quebec. In southern Ontario right now there are about 6,700 houses for sale for $1,000,000+

https://www.realtor.ca/map#ZoomLevel...0&Currency=CAD


Then the Liberals say that they want to increase the 410,000 immigrants (double what was usual a decade ago) to 430,000, during COVID to make it more interesting and we have a housing shortage, soaring inflation, interest rate increase soon.... what could go wrong.

Sunny Days...
https://www.youtube.com/watch?v=xpj7N7dJeSU




P.S.
Forgot to add the numbers.. average house for all of Canada was $720,000, so as a guess likely 20% or 25% would be taxed, more money grabbed by the incompetents!

https://creastats.crea.ca/en-CA/

Quote:

---

Originally Posted by trimmer21

Possibly,but,not likely. Interest rates will have to rise at some point and when they do,hundreds of thousands of over extended people will be burnt badly.

---

I do not see a whole bunch of folks losing their homes, the stress test for mortgages has been in place for years, baby boomer parents of these folks will bail them out if things get drastic.

Quote:

---

Originally Posted by Gilroy

I do not see a whole bunch of folks losing their homes, the stress test for mortgages has been in place for years, baby boomer parents of these folks will bail them out if things get drastic.

---

Yeah okay, maybe if they're senile, why would they surrender the nest egg to bailout the silly kids that paid a million dollars more than the actual value of the house.