As much as 20% of all homes in Canada are vacant, bought as an investment by speculators, most of whom have never set foot in the country. It's a huge part of the reason the cost of housing has become pretty much unaffordable for most people who already live here, immigrants and old stock both. Something needs to be done about real estate speculation, although just tacking on another tax isn't going to achieve much of anything.
just tacking on another tax isn't going to achieve much of anything.
If it's a vacancy tax, renting it out becomes the rational choice, which would lower rent prices when everyone does it. Perhaps that would also affect property prices on a longer term. I think it could work, if it's done right.
As much as 20% of all homes in Canada are vacant, bought as an investment by speculators, most of whom have never set foot in the country. It's a huge part of the reason the cost of housing has become pretty much unaffordable for most people who already live here, immigrants and old stock both. Something needs to be done about real estate speculation, although just tacking on another tax isn't going to achieve much of anything.
If it's a vacancy tax, renting it out becomes the rational choice, which would lower rent prices when everyone does it. Perhaps that would also affect property prices on a longer term. I think it could work, if it's done right.