this post was submitted on 14 Sep 2023
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Ottawa expected to remove GST on new rental apartment builds | Globalnews.ca (globalnews.ca)
submitted 1 year ago by [email protected] to c/[email protected]
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[–] [email protected] 3 points 1 year ago (1 children)

A combination of the 2 sounds good actually. Heavy taxes as you mentioned but also exemptions for purpose built rentals (as an entire building, not individual units)

[–] [email protected] 2 points 1 year ago (1 children)

I agree that we need to incentivize the construction of more supply, but while adding supply takes a long time, reducing demand can be done with the stroke of a pen. Here are some ideas that can be implemented overnight:

  • Singapore-style taxation of residential units sold to corporations, non-residents and people who already own a home.
  • Yearly tax on residential units, offset by refundable tax credits. This means that only non-residents would pay this tax, discouraging foreign speculators.
  • Switch from a property tax to a land value tax to discourage real estate hoarding. A land value tax encourages land to be used.
  • Temporary reduction of immigration quotas of all kinds, to be progressively relaxed over time as specific housing targets are reached.
[–] [email protected] 1 points 1 year ago

Yearly tax on residential units, offset by refundable tax credits. This means that only non-residents would pay this tax, discouraging foreign speculators.

Could it make sense to only be refundable for 1 unit? If someone has multiple units they should theoretically be paying enough tax for it to not make a difference. This would catch anyone who's a resident but not declaring any income.