Residential property values are rising through the roof in many Canadian cities.
This has meant windfall profits for some while a great many find it nearly impossible to afford housing of any type. Canada’s economic well-being is very dependent upon the healthy functioning of its communities, especially its larger cities. Healthy communities require a broad range of people with regard to age, skills, cultural origins and economic status. What does the future hold if the young or the modestly-paid are forced to leave a community to seek a place they can afford?
Real estate transactions on primary residences receive exemption from capital gains taxation that in many cases have transformed home ownership from its primary function of providing the necessity of shelter into an instrument of tax-free wealth creation making the buying and selling of real estate an anomaly in the general marketplace. The long-standing nature of this tax exemption has encouraged Canadians to rely frequently on the proceeds from these sales as a significant portion of their retirement income.
What would be the effect if the Government of Canada were to enact a graduated capital gains tax on sales of primary residences? Perhaps set at 80 per cent if resold within two years and being reduced by 20 per cent after each two year period?
Join the Philosopher’s Cafe as Dr. David Arnold leads a discussion that Canada’s lands should not be for sale for personal profit but rather should be viewed as a finite national resource.
Arnold resides in Comox, has a keen interest in public policy and formal expertise in health care.
Philosopher’s Cafe will convene on Wednesday, Oct. 4 from 7 to 8 p.m. Explore radical ways to meeting the challenge of housing affordability.
This is the latest in a free speaker series held once per month where a speaker will introduce a theme to the Café and then all who attend can join in respectful, non-partisan conversation – or just sit back and listen. Organizers welcome the public to propose topics and introduce them at future Cafés. Themes should be of broad interest and national significance, and have an element of controversy.
At this session, Dr. Arnold will have just 10 minutes to introduce the topic, and then the floor is open for 50 minutes of moderated discussion.