Use it or Lose it… Home Equity to be taxed?

“Today’s homeowners are like “lottery winners” who “got rich”!
Ottawa, September 9

Canadian officials are softening up the ground for such a tax by insisting it is unfair that today’s homeowners have so much value in their homes while so many others cannot afford homes. Government should take some of the value from today’s homeowners and give it to those eager to buy.

The Canada Mortgage and Housing Corporation (CMHC) commissioned a quarter-million-dollar report that justifies taxing the accumulated value of your home. Not surprisingly, that report, by a group of UBC researchers, was not supposed to see the light of day until after the federal election.

However, sections of the report, entitled Wealth and Generational Inequity In Canadian Housing, have been acquired by the Ottawa insider newsletter, Blacklock’s Reporter.

It is written by professors who have argued previously that today’s homeowners are like “lottery winners” who “got rich” simply because a strong housing market over the past four decades has made their homes worth three or four times more than what they paid.

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