I concur that little will happen.
Som of suggestions will never get traction.
Even the federal ban on foreign purchases is only temporary and then in three years its back. Isn't that special?
The real estate agents are always sought for their input when things get scary, which is the most moronic thing the media can do. The agents are little more than snake oil salesmen who have a financial vested interest in low supply, high demand and high prices. They will never have anything constructive suggestions for change.
Lets agree to stop asking them WTF, and just accept they need to make real estate sales an unattratcive career because ou will work harder for your money.
The most likely items that could get legislated in are
-Eliminate the loop holes for students of rich parents. If they are a student and dad can afford to buy a place, pay a tax equal to 100% of the profit from selling.
Sending your kids to university overseas should not be a money making enterprise.
-Empty house, pay a tax. The bigger the better.
-If you own a home that serves as a rental in the student slums of a university town, you pay 50% of the differencee between what you bought it for and sold it for.
-if you own a second residence thats a cottage, pay a vacant house tax.
-if you own several properties, either rent them out or let family live there for free, pay 50% tax when you sell.
-if you dont live here, you don't own here. Its time we insisted that home owners are invested in the community and not just their MP at election time. They need a place sporadically, they can get a long term lease.
I say this as someone who has watched and particpated in real estate speculation. In the 90"s i saw a lot of real estate agents walk away from $60K deposits on new homes they could not afford to close on or flip. A lot of builders took them to court and got damages.
There are good times and bad times for real estate, but we are in a time of unbridled greed and when the bubble pops, it will be a mess.
Som of suggestions will never get traction.
Even the federal ban on foreign purchases is only temporary and then in three years its back. Isn't that special?
The real estate agents are always sought for their input when things get scary, which is the most moronic thing the media can do. The agents are little more than snake oil salesmen who have a financial vested interest in low supply, high demand and high prices. They will never have anything constructive suggestions for change.
Lets agree to stop asking them WTF, and just accept they need to make real estate sales an unattratcive career because ou will work harder for your money.
The most likely items that could get legislated in are
-Eliminate the loop holes for students of rich parents. If they are a student and dad can afford to buy a place, pay a tax equal to 100% of the profit from selling.
Sending your kids to university overseas should not be a money making enterprise.
-Empty house, pay a tax. The bigger the better.
-If you own a home that serves as a rental in the student slums of a university town, you pay 50% of the differencee between what you bought it for and sold it for.
-if you own a second residence thats a cottage, pay a vacant house tax.
-if you own several properties, either rent them out or let family live there for free, pay 50% tax when you sell.
-if you dont live here, you don't own here. Its time we insisted that home owners are invested in the community and not just their MP at election time. They need a place sporadically, they can get a long term lease.
I say this as someone who has watched and particpated in real estate speculation. In the 90"s i saw a lot of real estate agents walk away from $60K deposits on new homes they could not afford to close on or flip. A lot of builders took them to court and got damages.
There are good times and bad times for real estate, but we are in a time of unbridled greed and when the bubble pops, it will be a mess.