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Canada wants to make homes affordable without crushing prices
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this post was submitted on 12 Aug 2023
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Canada wants to eat it's cake while also having it. Something like 60% of Canadians own their home or live in a home their parents own. 40% of a country is more than sufficient to tear the country apart if they lose faith in the society they live in. Allowing housing to become investments has been a mistake that needs to be corrected for the long term stability of the nation.
Canadians are using real estate as their retirement nest eggs. That means they're investing less in productive businesses and are woefully under-diversified. Reducing/removing the capital gains exemption on real estate sales would encourage actual investment.
Shit, when was such an exemption passed? That's literally a law that turns housing into a non-productive investment.
Making a necessity to live in the modern world an investment is the way to turn a portion of the population resentful and unproductive.
Googling around, all I can find is that Canada didn't have a capital gains tax until 1972. I think that means all investment profit was tax free.