Latest in Mortgage News: Rising Prices Spur Talk of Capital Gains Tax on Home Sales
The Globe and Mail‘s Editorial Board tread into controversial territory recently by saying Canada’s “bonkers” housing market is making the case for taxing capital gains on the sale of principal residences.
The editorial readily admits it would be the country’s “most unpopular tax,” but suggests it’s a discussion worth having due to the enormous tax-free gains being made by today’s sellers.
“No one likes taxes. But this unique hole in the tax code is big, and it encourages Canadians to sink ever more money into real estate,” the editorial reads. “Since 2000, home prices in Canada’s big cities are up 270%.”
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: March 23, 2021