Roughly one-third of Liberal cabinet ministers own rental, investment real estate: records
in February that the government didn’t want to take actions that would “negatively affect them because they are actually providing a rental service to a lot of people.
Data released by Statistics Canada on Tuesday showed that between 2019 and 2020, 31 per cent of Ontario’s residential and recreational housing stock was held by people who owned multiple properties.In Nova Scotia, that number rose to 41 per cent while in New Brunswick and B.C., it sat at 39 per cent and 29 per cent respectively. That data also showed that in all four provinces, the top 10 per cent of property owners earned more than the bottom 50 per cent put together.
While the budget contained a number of new measures targeting housing unaffordability, there remain questions over whether their proposals, including a two-year ban on most foreign buyers and a one-year tightening of the tax rules around flipping residential properties, will make enough of a difference.to put a heavier burden on those who buy up multiple residential properties: a 25 per cent transfer tax on the purchase of secondary homes, and 30 per cent on third or subsequent homes.
“This is not a solution for all of our housing problems. Because at the end of the day, we still have this imbalance between supply and demand,” Pasalis said.“But what it does is it takes some of the demand out of the market, at least the investor demand, and potentially makes those homes a little bit more available and affordable for people who want to buy them and occupy them themselves. And I think that’s a step forward that we should be moving towards.