Analysis: A UBC team suggests owners of Canada\u0027s most costly homes should pay a minimum income tax of one per cent of their property\u0027s value
, which is among the worst in the world in Metro Vancouver and Greater Toronto, is to make it cheaper to build housing. Generally, they oppose moves to reduce demand.Article content
Such wrangling is not unique to Canada. This month residents of Los Angeles approved a plebiscite that will add an extra four-per-cent, on placing more weight on taxing luxury real-estate instead of income, the latter of which can discourage work.“Vancouver single-family property owners already pay the highest property taxes in Canada,” Pavlov said.
Sullivan and Pavlov’s news release actually links to a Statistics Canada study that affirms the same thing. It reported, “Properties which had a combination of resident and non-resident owners generally had higher value-to-income ratio than properties owned solely by residents.”
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