4 ms·
10% of the expensive houses sitting unoccupied also drives up prices. People are flipping moderately-priced houses because they have a chance of becoming the ne
by rspeer 8y ago
10% of the expensive houses sitting unoccupied also drives up prices. People are flipping moderately-priced houses because they have a chance of becoming the new expensive ones.
There aren't two different housing markets.
- ficklepickle 8y agoA lot of these same folks are abusing the primary residence exemption on capital gains by pretending to live in an income property. (The gains on your primary residence are not taxed at all in Canada) They get their mail delivered there while renting it out to help bolster their residency claims. So they are getting a nice tax shelter while pricing legit home buyers out of the market. Nobody wants to actually do anything about it, so we pass laws that are easy to work around. Like a foreign buyers tax that is easily circumvented by using a shell corporation.