this post was submitted on 07 Jul 2023
44 points (97.8% liked)
Canada
7202 readers
353 users here now
What's going on Canada?
Communities
π Meta
πΊοΈ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
ποΈ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
π Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- MontrΓ©al Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
π» Universities
π΅ Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
π£οΈ Politics
- Canada Politics
- General:
- By Province:
π Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I still think the easiest way to solve the lack of housing issues would be to charge an override premium interest level for second homes and investment homes.
Make it unprofitable for landlords to carry the costs, and voila, more homes on the market.
That, or reverse the taxability of interest on homes. Primary residence? Interest is deductible against earned income. Investment property? No tax breaks on interest paid, only capital improvements. This would also be a huge cost-of-living improvement for lower and middle classes.
Would make for a lot of unhappy boomers with multiple rental properties, but honestly fuck em, they've had a good enough ride already.
You can't solve a shortage of houses by discouraging people from building them. Canada is simply not building enough housing and has not been doing so for a long time. Your proposal would have a marginal effect at best and would in any case be only a temporary solution. People who buy second homes do so in places where there are generally few jobs. And people who buy houses as an investment need to rent them .. which is not necessarily a bad thing. The problem we have is that home prices have risen to such stratospheric heights primarily because of policies that discourage new development. The only way to fix that is to promote legislation that penalizes NIMBYism and encourages building in urban areas.
According to CMHC, housing starts have been relatively flat since the 70s. The population has not been.
there are loop holes for primary residency and they all know how to work around that. Because many legislators are landlords/business partners, they won't pass a law that shot themselves in the pocket.