Tax Principal Home Gains? + Condo Listing Surge to the Rescue?

Tax Principal Home Gains? + Condo Listing Surge to the Rescue? - Toronto & Vancouver Real Estate Now

Рет қаралды 20,793

Күн бұрын

It’s a world-spanning July episode of the Toronto-Vancouver real estate roundtable with John in Greece, Steve in Vancouver and Urmi in Toronto!
The weather is warm, but the biggest Canadian real estate markets remain anything but - John and Steve take us through the latest stats for Toronto and Vancouver and explain whether yet another new record high in condo listings and investors existing will finally result in more options and better prices for end-users. Also: as average gifts to home buyers from family now averages over $100,000 in Canada, is it finally time to talk about taxing gains on principal residences?
00:00 - Intro
01:47 - Vancouver Market Update
03:19 - Toronto Market Update
05:48 - Condo Investors Exiting, End-Users to Benefit?
11:17 - Current Rental Market Conditions & Anti-Landlord Moves?
29:55 - Average Family Gifts to New Buyers Now Over 100K in Canada
35:18 - Is it Time to Tax Gains on Principal Residences?
Contact Us
Follow Steve on X-Twitter @SteveSaretsky; Email at: steve@stevesaretsky.com
Follow John on X-Twitter @JohnPasalis; Email at: askjohn@movesmartly.com
Follow Urmi on X-Twitter @MoveSmartly; Email at: editor@movesmartly.com
About This Roundtable Series
Each month, Move Smartly.com editor, Urmi Desai, talks to John Pasalis, Housing Analyst, Broker and President of Realosophy Realty in Toronto, and Steve Saretsky, Housing Analyst and Realtor at the Oakwin Realty Group at Oakwin Realty in Vancouver about the latest data and on-the-ground insights in Canada's biggest residential RE markets. (Thanks to Jesse Bains, now at Linked In News, for kicking off this series at Yahoo Finance originally!)
About This Show
The Move Smartly show is co-hosted by Urmi Desai, Editor of Move Smartly, and John Pasalis, President and Broker of Realosophy Realty. MoveSmartly.com and its media channels on KZfaq and various podcast platforms are powered by Realosophy Realty in Toronto, Canada.
You can also listen to this episode on our MoveSmartly podcast here (new episodes drop Tuesdays): link.chtbl.com/movesmartly
If you enjoy our show and find it useful, please like, subscribe, share, review and comment on whatever platform you are watching or listening to us from - we appreciate your support!

Пікірлер: 151

@gingerkilkus 16 күн бұрын

Back in the day, when I purchased my first home to live-in; that was Vancouver in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

@leojack9090 16 күн бұрын

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

@lowcostfresh2266 16 күн бұрын

Yeah, sometimes the smoke hides the reality. Anyway, any chance you could recommend who your financial advisor is? I have to ride the tide, too.

@geraldbrowne 21 күн бұрын

Ponzi scheme 101.

@rayneboone9696 21 күн бұрын

How about the govt focus on collecting taxes owed first. If you're taxing principal residences, then can we claim mortgage interest? Can we claim interest paid from the day we purchased the house? Leave homes alone.

@bcb777 21 күн бұрын

Condo prices haven’t plummeted yet perhaps because investors haven’t had to remortgage at higher rates.

@user-vi8ci2bi6b 21 күн бұрын

Ya but. With inventory up every week it seems inevitable to start slipping down at a more rapid pace.

@Hawk2phreak 21 күн бұрын

If everyone has their jobs and things stay as is it will drop but if jobs start to go, I think we will see blood in the condo market.

@user-pp4ve6qo1b 20 күн бұрын

Depends how you define the word "plummet"....

@timmymiron2727 20 күн бұрын

I live close of montréal and I watch real estate around where I live. If a condo is for sale. It usually takes no more than 2 weeks to be out of the market.

@rickfearn3663 21 күн бұрын

"It's a strange, strange world", comments Steve. Strange because accommodation purchases are now driven by capital, not income. This aberration has occurred because of 15 years of interest rates being below inflation, leading to massive asset price inflation. However. Can central banks continue this distortion going forward? I suspect not as the levels of debt are no longer sustainable. Governments at all levels do not understand the implications of excess borrowing and hiring as they pass on these costs to the builders and other sectors of the economy. We recently had our commercial land taxes in Delta BC increase 40 % in one year. Are we going to continue to operate in Delta? Will our customers around the world pay these overheads? Ultimately a business has to minimize costs and will relocate to a more tax favorable location. In the long run, our economy will correct for the excesses of the past, with asset values returning to normal earnings multiples. Thanks John, Urmi and Steve for an excellent discussion.

@geraldbrowne 21 күн бұрын

Can’t wait until all the parents that have helped their children buy a property discover the deflation decline has put their own property and children’s decline below mortgage amount. It will be a gigantic sucking sound.

@jpboulais4373 21 күн бұрын

I'd like to hear your thoughts on possibly eliminating the GST on newly built primary homes. I live in Vancouver, and with recent zoning changes, it seems like older, larger homes are being replaced with duplexes and townhomes. These new homes are pricey, have lower square footage, and come with an additional 5% GST. If the government is serious about tackling the affordability crisis, wouldn't removing the GST be a good option?

@mgregorian 21 күн бұрын

I still dont understand why Steve is plowing money into the Alberta real estate market.

@a88888888a 21 күн бұрын

They shouldn't only talk about real estate. The productivity of thr entire Canadian economy is going down thr tube....glad I never moved there....Hahaha

@justinjones5281 19 күн бұрын

You’re watching too much media driven data. You do realize that the majority of Canada has tons of nature to explore, access to healthcare everywhere, the ability to move around where jobs are, unionized healthcare and government style jobs. For example I live in a small town 1hr 45 minutes from Toronto. PSW at LTC long term care facility pays 30$ an hour and nursing pays 45$ an hour. Combined income is around 5k a month working low hours and able to double that with extra shifts plus overtime. Trades pay 80-150$ an hour. Even a basic labourer gets paid 35$ an hour. Rent is 2000-3000$ a month for full houses, Or three bedroom style housing. Tons of waterfront to ride your bike on trails etc. not sure what more you want in life.

@seanleyden7971 17 күн бұрын

@@justinjones5281 I live a half hour outside Vancouver, there's no full houses here for that price or anywhere close by. Red seal Trades get around 40-50 p/h unless you're a self employed contractor,. Then you can make 80 and above. Also trying to get in to see a doctor is a disaster these days. They give you a phone "callback " 2 or 3 days after u ring to make an appointment. Housing, healthcare, crime and junkies are a big problem here, that's a fact,

@jsks76905 21 күн бұрын

Hong Kong properties dropped 40%. Macau dropped 80% from its peak. This is what should happen when properties are over priced and the market corrects itself. Let the correction happen. What goes up should be able to come down.

@stevecatpatrick8056 21 күн бұрын

Pretty sure Hong Kong was significantly more out of line than Canada. And if We scale it that way then we've already done that drop when properties fell after rates started hiking. I'm pretty sure prices were down 25% in real terms and 15 to 20% in nominal terms? I expect they will drop further but only temporarily in the dip and even back out similar to where we are now. It's also definitely dependent on market segment as they said in the podcast

@a88888888a 21 күн бұрын

Post tax income...Canada is just as bad as hk.

@a88888888a 21 күн бұрын

700k condo will cost 4420 per month in mortgage and maintenance and tax will be 1000 = 5420. After 3 years you'll still owe 656k in principal. Plus you'll need 164k per year of income to buy that beater condo that's 700k That 700k condo actually cost about 1.3m to 1.45m in pretax income and that's being conservative. OS that way worse than hong kong? 100 percent worse. Yvr and yyz is screwed in thr long run. Shitshow 101. Well done Canuck policy makers. Be ready for a Japan style lost 2 to 3 decades....Hahaha 👍 👍

@alaalrashaeideh1154 21 күн бұрын

It won’t happen without intervention!!!

@geraldbrowne 21 күн бұрын

Exactly

@VK-ds2dw 21 күн бұрын

The one outlier is wood framed stacked condos. You can get a 3 bedroom unit at 1200-1400 sqft for much cheaper then a townhome or semi. Those low/mid rise options I think are best for densification.

@Michael-pg7rv 14 күн бұрын

I own a 1-bedroom condo in the GTA. When I look at prices it feels as though a 2-bedroom units is a completely different market. Just one step up and the pricepoints are so far apart. There are just not enough supply outside of the 1-bedroom unit stock.

@jeffersoncampervan 21 күн бұрын

IIRC the USA taxes capital gains on a principal residence over a certain amount, but don't they also allow writing off expenses (such as mortgage interest) on your principal residence?

@dutchgirl7603 21 күн бұрын

Yes. In the US you can deduct your mortgage. Hence why in the US you don't pay off your house.

@Carolinapetroska 20 күн бұрын

Why not ? Since the governement is taxing everything now, might as well tax the fricken principal residence if sold under 5 years, that would prevent all the canadian speculators from investing and flipping their properties

@ABUTARI70 20 күн бұрын

Get stuffed

@DarR1299 5 күн бұрын

I would only agree to a tax on principal home gains if accompanied by a tax deduction for all expenses related to the costs of carry. Notwithstanding, we are already taxed too much here in Canada. Governments should be balancing their check book.

@scottpearson1775 18 күн бұрын

The US may tax cap gains but A their tax rates are on average a lot lower and B they have mortgage interest deductibility. (Not a credit, full deduction)

@kelvinhelmholtz 21 күн бұрын

The 4.5 months issue doesn't exist for resident investors/owners. That's the point - if there were far fewer non-resident investors millenials would be able to buy homes as easily as their parents.

@oceanbearing 21 күн бұрын

There is a big difference in sale price and the assessed value that you are taxed on. My assessed value is below 50% the value of the average sale price. So 1M selling home is close to 500k assessed for my city.

@CalCalCal6996 13 күн бұрын

Also, on the parental gift note. A lot of tjise are probably wink wink gifts that are actually loans expected to be paid back when possible. Many parents can't actually afford them to be true gifts.

@DrDrae81 20 күн бұрын

How can John say the condo market is “flat” over the past few years when condos are now selling at 2018 prices?

@guyluckk 21 күн бұрын

There isn’t one, but if there should be then it only makes sense that the associated cost should be taken into account……. Maybe retroactively??

@ReverendObe1 19 күн бұрын

You can write off mortgage interest in the US, not here in Canada.

@RobertJordan-hi4ur 21 күн бұрын

A major problem is the taxpayer is always forced to chase around developers looking for the most profit. Another aspect of not building for the end user is public infrastructure as subsidy for the developers building where it’s cheapest. People discussing this completely gloss over the value of developing at scale. Everything’s focused on developer profit and sales. A bit disingenuous of the market to claim to be there for families and the end user…all about profit and personal gain.

@JovialJewels 21 күн бұрын

I have been watching the market in Kitchener and I have noticed the low end housing market is picking up with prices increasing, but the more expensive houses not getting many offers. Are you seeing this in Toronto as well with 'starter' homes continuing to sell?

@john_pasalis 21 күн бұрын

Starter homes are still performing relatively well in the Toronto area

@JovialJewels 21 күн бұрын

@@john_pasalis Thank you John!

@DarR1299 5 күн бұрын

Affordability is a conundrum. Builders wont build if sales prices are too low. That's basic economics.

@kevinn1158 21 күн бұрын

I'm amazed that nobody talks about the crazy charges that happen when somebody wants to move. This clearly must be having a huge impact on resales volume and prices. I mean you have to be desperate or a nuts to move. 5% to the city and province land transfer tax, 5% to the agents, add in legal fees and moving fees....in Toronto that could easily mean 150-250k for a semi detached. So imagine if your resale price is getting slammed? Bye bye 400k-500k? Maybe more? By the way, don't chase a market down. This market has not even come close to settling. It's just starting to roll over. Wages were left in the dust over a decade ago and things need a huge reset.

@mth469 21 күн бұрын

more likely banksters will get govt to reset the currency and once again cheat the working class of the fruits of its labor. (those who saved in fiat currency). the claimed inflation rate of 2.9% is already a total lie as inflation is 8 to 10% at least.

@Lifeisapartydresslikeit 18 күн бұрын

People better get used to condos. Thats all I see everywhere in the GTA. Malls or plazas and parking lots, even old homes are being torn down for condos. This is crazy!! Hundreds of condo developments. I don’t want to live in the GTA within the next decade or so. Terrible

@gerryiacovitti7254 17 күн бұрын

If I could write off my income tax in lieu of exemption of capital gains on my house, I'd do it...

@justinjones5281 19 күн бұрын

40:00 you can’t use policy to change this scenario.

@newdeal_99 21 күн бұрын

they don't want to tax gains they want to tax equity. All this will do is make seniors downsize into the same houses that young people want to buy to avoid the tax.

@butwhytharum 21 күн бұрын

Primary residence doesn't get taxed... Stop lying. Wanted to use the banks money to buy your income property? Pay the price... If you had money to have a rental none of this would really matter.

@petermelnikov682 21 күн бұрын

@@butwhytharum they want to tax the primary residence, that's the point google generation squeeze site

@davidrockefeller2007 21 күн бұрын

@@butwhytharumit’s not taxed yet is the point of the video

@rabyhaeri8944 19 күн бұрын

Tax on principal?????😢how much we are paying on interest and mortgage and ridiculous insurance..Now again tax..😢😢😢😢😢

@canadahodl5941 17 күн бұрын

Rents outside of the centre of the universe are not declining

@guyluckk 21 күн бұрын

So if you tax principal residences.. do the mortgages, property taxes etc become tax deductible? That would help people qualify for financing

@butwhytharum 21 күн бұрын

Where's the primary residence tax announcement?

@petermelnikov682 21 күн бұрын

@@butwhytharum the generation squeeze with who Trudeau had a secret meeting and neither want to disclose what they talked about

@fernandop4393 21 күн бұрын

No more tax increase. Let the real estate market go down. And increase incentives for other sectors. Canada went abnormally crazy about real estate. Cities with realtors on outdoors. Never seen that in any other country

@RaphPorsche 21 күн бұрын

What amazes me in Canada is that Canadians blame everyone except the primary suspect of this mess: the government. "Tax this, tax that, blame only speculators...." Destructive building policies for decades, excessive immigration levels, and high building costs (around 33% just to build a basic structure). Even with these facts staring them in the face, Canadians still want to give more money and power to the government. I thought this was a better-educated country.

@user-pp4ve6qo1b 20 күн бұрын

Your brain can't process big pictures. You need to do a lot more reading about economics. You are so far off the mark it is laughable.

@justinjones5281 19 күн бұрын

History said that the allies won the war. I beg to differ. We have been sold a lie from day one. Unless there is a revolutionary take over of government this will just get worse and worse. I’m telling my son to just go after government jobs because they are the only ones that pay well and grow with the inflationary measures they instil. Imagine if all government jobs were destroyed and we start over from municipalities? Look up how much money gets spent on bullllllshit jobs

@fretstain 21 күн бұрын

is John going to be a digital nomad

@john_pasalis 20 күн бұрын

Working on it 😉

@allistairtrent 21 күн бұрын

LOL. Yeah, Go anywhere in the world (except some areas of USA) and look at real estate and you will see how ridiculously overpriced Canada is.

@Relaxlifeisshort2 21 күн бұрын

Again knowledge and dont know what you are talking about Apples to apples

@shuang4245 21 күн бұрын

I guess you don’t know how much it cost living in HongKong, London, Singapore, Tokyo, Shanghai……

@user-vi8ci2bi6b 21 күн бұрын

I've spent time in San Fran, New York, Chicago, and of course Van and Toronto. I see why Vancouver is expensive, it's more comparable to San Fran. New York is expensive because it has culture second to none, statue of liberty, central park. But Toronto? Really? It compares to Chicago at best. People who say it's a world class city have never travelled.

@Relaxlifeisshort2 21 күн бұрын

@@user-vi8ci2bi6b again people dont get it its not about being comparable to those cities. Its all about Canada nowhere else to go Where in the states you have options. That is the issue

@bifflowman2948 21 күн бұрын

Don't give the government more excuses to tax! We'll never see taxes go down somewhere else to balance things out.

@geraldbrowne 21 күн бұрын

I love the real estate mess. And now these guys own it

@GateHacker1 21 күн бұрын

The Ontario LTB is the biggest piece of hot garbage I've ever seen. Took me almost 2 years to legally retake my unit and remove tenants who didn't want to move. Terrible!! JOHN IS 10000% CORRECT

@jwg9338 21 күн бұрын

A 10% annual national property tax, negated by a 10% flat tax on income, would resolve 99% of the speculation issues we have today.

@ivanandreevich8568 21 күн бұрын

Interesting idea in principle but that's way too fucking harsh.

@guyluckk 21 күн бұрын

So a flat tax on all income?? Would it not be simpler to simply have a competent government that does not squander our money stupidly. The problem we all have is that we have a very bad administration in charge of our country. And they refuse to step down only because they want to have us pay them an exorbitant pension the rest of their lives .

@guyluckk 21 күн бұрын

Why are they forcing us to wait until 0ct 2025 ? Their administration is not what the country wants anymore.

@geronimobones 21 күн бұрын

Canada has created a situation where property is priced at the very maximum people can afford. Investors on the other hand get to ride the wave of rent as a destroyer of savings creation. It is clearly a result of pathetic govt controls. How easy would it be for you as a Cdn to buy a condo in Greece? Does the govt there not protect its citizens from predatory investors

@miaa7097 21 күн бұрын

I arrived in Canada as a refugee in 2002. I completed nursing school in 2010 and worked in northern Canada until 2020. After finishing my master's degree, I relocated to the Greater Vancouver area. I purchased my first home in the Fraser Valley and made a downpayment of over $100,000. I accumulated that money through investments in the stock market. My interest in Tesla began in 2017 when I was researching electric vehicles versus internal combustion engine vehicles for my master's in public health. I consider myself fortunate to have purchased a home in Abby in 2020. 31:19

@miaa7097 21 күн бұрын

I'm a single female Late 30s 😊

@user-pp4ve6qo1b 20 күн бұрын

@@miaa7097 Sorry, too old.

@clintyiu 20 күн бұрын

trades charge $100,000 to $170,000 just to demolish and excavate the lot for a single family build. This was less than $20,000 just 12 years ago.

@InterestbearingCBDC 20 күн бұрын

14:17 Those were criminally low interest rates. The people at the BoC should be charged for unlawful wealth distribution.

@rpn000 21 күн бұрын

All three of you are smart but Urmi is the smartest. Period.

@a88888888a 21 күн бұрын

@1mikesass 21 күн бұрын

Paul Kershew got 250K for his study. Give me 250K and I will be fine with a home equity tax too.

@FamilyCheung-kc1pw 21 күн бұрын

Steve , you are right Calgary market is very different . It can up and down a lot , that why we cannot have rent cap. The unemployment rate is 8.8% now based on statistic Canada . Ppl will eventually move out again if it is keep going up. Calgary does not have strong economy market. Oil price will drop eventually when the Donald trump is in power who will keep pumping oil supply. Oil price will drop a lot as oil companies has less costs to survive compared to to Canada . Even ppl says Calgary is in the right direction to diversify it la economy, but it is still long way to Go, main business is still oil .

@guitarpicker7464 21 күн бұрын

Sales are slow because there are more people leaving downtown Toronto than are looking to move into the core. The things that made the downtown attractive no longer exist and the things that made downtown life a hassle have taken their place.

@bobbush5339 20 күн бұрын

All are fools and politicians are taking max advantage. COVID relief money is used to buy 5 to 10 condos or houses and they are all on rent now. Banks have approved mortgage on ten condos. There is no shortage of housing in Toronto.

@freddyferg 19 күн бұрын

There is a politically acceptable solution to the economic catastrophe the government has created with the capital gains tax exemption on the primary residence. Allow existing homeowners to keep the exemption on their current primary residence but make capital gains on all future home purchases taxable as ordinary income. Then lower income taxes on all individual taxpayers by an equal amount. This will have a desirable side effect of lowering all home prices to an affordable level based on fundamentals (e.g. incomes) over time. It will also rebalance the economy encouraging investment in more productive sectors other than real estate and drawdown banks inflated mortgage books.

@justinjones5281 19 күн бұрын

Where does inducted build and sell on? Land dude. lol you can’t use monetary policy to fix this. We have to dissolve our government and start over with hiring representatives to do actual research and analysis of municipalities. Slowly but surely productivity will catch up when our tax dollars go towards real things instead of wages and interest payment.

@InterestbearingCBDC 20 күн бұрын

100% of capital gains on primary residences should be taxed. 100% of my savings & interest are subject to the regressive inflation tax & income tax. How is it fair that savers are subsidizing owners?

@ABUTARI70 20 күн бұрын

Do you own real estate?

@MrPitbull_00 20 күн бұрын

Get a house

@alaalrashaeideh1154 21 күн бұрын

Still capital gain for investors very low start of 50 percent!!! It should not be 50 percent to start tax !!!! Did you start tax my income on 50 percent!!!! No

@morimoko 20 күн бұрын

who was on xbox at the 30m mark?

@TheWhiteAfghan 21 күн бұрын

The new canadian dream: sell houses to each other and pretent to be rich refinancing every 2 years 😂😅😂😅😅😂 - life story of canadian realtor 😅😂😅😂

@butwhytharum 21 күн бұрын

It's the China leverage model. I wonder how it's going over there with their build to rent model.

@user-cw7jy9zr3z 21 күн бұрын

1% property tax with income tax offset

@zafarhussain9964 21 күн бұрын

If they put capital gain tax on the primary residence that would bring housing markets in line with the condo market. House for everyone. There would be more than enough houses for everyone and 90% would be able to afford them in the next 5 years.

@ABUTARI70 20 күн бұрын

Get stuffed,are you a homeowners?

@davidgillies1348 19 күн бұрын

You would see Boomers marching in the streets with pitchforks! LOL

@gmarks1559 17 күн бұрын

Condo prices will crash hard😂. Dont be a bagholder folks, dont buy!!!

@butwhytharum 21 күн бұрын

Stop spreading propaganda that peoples primary residences are going to be taxed... The problem is people are selling the investment property that the parents and kids jointly own while the kids still live at home claiming the investment property is the childs primary residence.

@butwhytharum 21 күн бұрын

Quit whining about not being able to sell anything the ad revenue should make up for lack of sales going on ;)

@vitaliebruma5886 20 күн бұрын

Beutiful lady nice smile

@ritab5524 21 күн бұрын

What rate cut? Canada Realestate market is a joke! Canada is unaffordable and over taxes- realestate agents/ builder / govt /investors just messed up this basic need for all Canadians.

@user-cw7jy9zr3z 21 күн бұрын

Gensqueeze seems to be on target

@a88888888a 21 күн бұрын

Gen z should've been having daily protest in all big Canadian cities

@FamilyCheung-kc1pw 21 күн бұрын

Steve , you know who to vote thus Oct? Not NDP, vote conservative , they will change everything, more make sense

@Casey-qm1nd 21 күн бұрын

When are Canadians going to figure out that the conservative party of canada are just more liberals? Mind you closer to the center. I wish we had a real conservative party in Canada, and not libs posing as cons

@butwhytharum 21 күн бұрын

They'll just make borrowed money cheaper and we'll have a currency like the yen. It will be 100 million for a condo soon enough.

@FamilyCheung-kc1pw 21 күн бұрын

@@butwhytharum Ppl vote for NDP who is more likely support criminal , easy in them ie taking drugs, like to have free hard drugs or like to have free benefits . We are all hard working Canadian , so not vote for the NDP Communism party .

@geronimobones 21 күн бұрын

These guys getting misty eyed about the good old days of twisting peoples arms into paying off mortgages on their behalf. Gtfo of the housing market and lets get prices back into a situation where children can grow up in a home on the street and their parents don't have to be succesful business owners to do it.

@a88888888a 21 күн бұрын

They shouldn't only talk about real estate. The productivity of thr entire Canadian economy is going down thr tube....glad I never moved there....Hahaha. These guys don't really talk about the true deeper issues. Have fun being poor Canadians....Hahaha

@adama9032 21 күн бұрын

Ppl like Steve are what’s wrong with Canada he doesn’t how these high housing prices. Have societal risk

@geraldbrowne 21 күн бұрын

When you are explaining , you’re losing!!

@alaalrashaeideh1154 21 күн бұрын

It’s bad ,, I feel that I come here as a slave!!!! Working on high paid job ,,, pay tax then pay rent to someone who is not even working!!!!! I will definitely move when I get the passport!!! Bring other slaves !!!!!

@rosamatos8294 21 күн бұрын

Just cut taxes and cut costs and Canada will be a great country.

@stephenfermoyle4578 20 күн бұрын

talk talk talk from the three talking heads...no one else has all the answers all you people do is talk

@ABUTARI70 20 күн бұрын

You mealy mouthed response to the notion of taxing principle residence is totally disgusting no bloody way they should be allowed to do this

@crochet7322 21 күн бұрын

Rich investors will just pay off the mortgage if the interest rate is too high. It only affects the real owner who can't afford to pay for renewed mortgage

@neilmcgeachy6198 21 күн бұрын

Taxing principal resid capital gains would be a betrayal. Those in the same residence could easily have a $500k gain But taxing could prevent a downsizing and retirement future much less inheritance to their kids. Only in Canada ........ ps u can not compare the USA principal resid tax due to massive tax write offs ongoing, Not apples to apples ....

@amoosavi 21 күн бұрын

We absolutely need to tax the primary residence and reduce income tax.

@brettthomas5605 21 күн бұрын

The theory always sounds great,but we're dealing with reality here. The capital gains tax on the sale of principal homes vs income tax in Canada! I don't think the minor reduction in your yearly payment of income taxes will even come close to off setting the pay out on capital gains tax! Especially if you're selling two to three homes during the course of your life! Each of those sales getting hit with capital gains tax! Plus the value of these homes will be much higher than most people's income received during the working years!

@petermelnikov682 21 күн бұрын

what you will get is a home tax + increased income tax :) but yeah, go ahead vote for trudeau to find it out

@alaalrashaeideh1154 21 күн бұрын

Exactly!!! But the original owners they don’t want that at all !!!! They want to scam immigrants and their young generations so they can spend and spend!!!

@wiffy3067 21 күн бұрын

We pay too much tax already, more taxes (specifically aimed at wealthy people) will just hurt our productivity problem even more. We need to attract wealth and investment to Canada, not the other way around. Look at what’s happening to California. We don’t want to do that. Man this election can’t come fast enough. Edit. America has so many advantages over cananda, they are able to tax primary residences because they aren’t squeezed everywhere else like we are. Almost everything is cheaper in America so people have way more spending power. Steve nailed it, getting rid of one of the last remaining tax shelters in Canada is a mistake.

@mahtabsoin7239 21 күн бұрын

Canada is a underachieving country which has been driven into mediocrity. It is incredibly important to encourage other sectors on the economy - not least industry and professional services. The real estate ponzi market needs to go.

@LarryNg-mx8qz 21 күн бұрын

been saying that for years... Canada does not build anything

@9avedon 21 күн бұрын

Terribly obnoxious, Real Estate Investors think they are masters of the universe thanks to out of control government controlling the market.........

@helenqu980 21 күн бұрын

A little dirty secret here: did you know a landlord can forcibly remove a tenant from their property by calling the police? It doesn't matter if the case is before the landlord and tenant board. The police can physically remove a tenant if you can prove that you're the property owner. I have seen this done twice. One of them had the tribunal case taped to the door, but the police still threw her stuff out and the landlord changed the key. I wouldn't advice this strategy if you want to sell the condo, but this has been done. The tenants usually don't have enough resources to sue the landlords afterwards.

@mcrema1 21 күн бұрын

100 000-150 000 eu won't buy you anything decent in Athens

@user-kv4kp4co1r 20 күн бұрын

Hey Ponzi Steve 👋 Just wanted to touch on how you doing? Are you selling any items like Watches or Jewelleries? I buy only cash and only from realtors. Oh yeah. 🫰

@a88888888a 21 күн бұрын