Canada has very little private land ownership.The Federal Gov hoards land and creates a severe shortage of land for individuals to purchase. They need to open up the billions of acres of accessible land to 1st time buyers and then to existing property owners. Especially in the Province of Ontario.
They also intentionally keep interest rates low so existing house/property owners can leverage their properties to buy more. Never allowing a 1st time house shopper a chance. You can't save enough for a down payment because the rate that housing goes up outpaces the rate of your earnings.
In my opinion any house in the same city other than your primary residence should have property taxes that are significantly higher, perhaps 3-4 x the current rate. Interest rates for any house that is not your primary residence and considered an investment property should also be much higher. The only exception I would make is if you have cottage/recreational property outside of cities, this type of property like a cottage would fall under the Primary residence category.
There is also that fact that the majority of Canadians in the private industry, especially in Tech are severely under payed and underemployed.
I'm not sure of the unintended consequences of my proposals, but they couldn't be worse than what is happening now.
They also intentionally keep interest rates low so existing house/property owners can leverage their properties to buy more. Never allowing a 1st time house shopper a chance. You can't save enough for a down payment because the rate that housing goes up outpaces the rate of your earnings.
In my opinion any house in the same city other than your primary residence should have property taxes that are significantly higher, perhaps 3-4 x the current rate. Interest rates for any house that is not your primary residence and considered an investment property should also be much higher. The only exception I would make is if you have cottage/recreational property outside of cities, this type of property like a cottage would fall under the Primary residence category.
There is also that fact that the majority of Canadians in the private industry, especially in Tech are severely under payed and underemployed.
I'm not sure of the unintended consequences of my proposals, but they couldn't be worse than what is happening now.