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My understanding is that there's a lot of foreign capital getting parked in real estate in Toronto. I believe they were going to implement a vacancy tax similar
by lhorie 6y ago
My understanding is that there's a lot of foreign capital getting parked in real estate in Toronto. I believe they were going to implement a vacancy tax similar to Vancouver next year to try to curb that
- dsomers 6y agoThere’s not a lot of evidence that it’s not the locals creating a bubble because of speculation and lax lending. If you don’t believe me look up how nicely private mortgage debt in Canada correlates with the growth in housing prices in Canadian cities. Canadians hold one of the highest rates of personal debt in the OECD.
- lhorie 6y agoThat's actually a really good point to ponder about. I've seen a number of news articles about predatory practices among real estate agents (I believe many hog anywhere from 3 properties or more to ride the bubble, there's unethical abuse of dual representation, there's bid secrecy, etc) No doubt, there's also a great deal of greed and wealth signaling from the general population (especially among upper middle class) as well. Competition around high ranking school areas comes to mind. Not to mention rental properties are pretty much the go-to choice of passive income building that most people go for. I would bet that if multiple property ownership was penalized by high taxes, real estate prices would come down real fast.
- deleted 6y ago[deleted]