Building more homes isn’t enough – we need new policies to drive down prices
Current property-tax structures, for one, could be changed to increase beneficial turnover in the real estate market. In many cities, property taxes are kept relatively low, with a premium levied on the purchase of property instead.
Raising property taxes, of course, is a hard sell to a voter base still dominated by homeowners. Indirect measures may be the only means. For example,Outside of these fraught waters, there are less contentious measures available. The Bank of Montrealthe effectiveness of many. For example, it urges that speculation taxes be extended to include owner-occupiers who flip their homes within five years.
But there is no reason that Canada must be doomed to entrenched housing unaffordability. There are many tools that can help avert catastrophe.
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