Would a Surtax on $1-Million Homes Rein In Prices?
Source: Tom Yun, CTV News, January 6, 2022
Under current tax policies, all home sales are exempt from capital gains taxes as long as the house is the seller’s principal residence.
TORONTO — A new report on housing affordability is calling for a surtax on homes worth more than $1 million as a way to rein in skyrocketing home prices and fund affordable housing projects.
The report was published by Vancouver-based non-profit Generation Squeeze and received funding from the Canada Mortgage and Housing Corporation (CMHC) as part of the federal government’s National Housing Strategy, which allocates money for housing policy researchers.
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