Changing mortgage rules again?

[doggyorcg]

Question: If you sell now, where will you deploy the $10mm?

Bitcoin. Lol

 

[curvluvr]

If you are planning to sell the house, before June 1 would be better. Frenzy will die down after June 1, and there will be less people who can afford your house.

 

[angrymime666]

It’s not the primary residence homeowners that are causing the inflated/overheated market, it is the investors/speculators/flippers. Increasing capital gains taxes for non-homeowners forces investors to cool it on real estate. But, by the time they do it, the damage will be done. Real estate prices in the Golden Horseshoe rarely decrease. Again another reason to sell now before government takes a bigger piece of our investment pie.

I would say there are more variables than just investors, speculators and flippers. all time low interest rate, less houses more buyer on the market, disposable income, fomo, keeping up with the jones, etc.

the only problem I see with raising the cap gains is that somehow the government would slide in a high cap gain for other assets as well (equities, selling company, metals, crypto, etc). I for one would have a huge problem with with higher gains on investments. but, the government is sneaky like that trying to slide in taxes that way.

Im looking into becoming a non tax resident and picking up and moving to another country. I see canada spiraling the drain and eating away at my nest egg.

 

[bazokajoe]

I would say there are more variables than just investors, speculators and flippers. all time low interest rate, less houses more buyer on the market, disposable income, fomo, keeping up with the jones, etc.

the only problem I see with raising the cap gains is that somehow the government would slide in a high cap gain for other assets as well (equities, selling company, metals, crypto, etc). I for one would have a huge problem with with higher gains on investments. but, the government is sneaky like that trying to slide in taxes that way.

Im looking into becoming a non tax resident and picking up and moving to another country. I see canada spiraling the drain and eating away at my nest egg.

Agree.
The Liberals, NDP and Greens love to tax and spend.
Sooner or later Canada will become a country that's to tax heavy to live in. Unless you are on the government payroll(welfare or any other social assistance.)
Corporations will keep leaving and wealthy people will hide their money elsewhere.

 

[Darts]

Federal Liberals just endorsed a government minimum wage policy. They spend, you pay.

 

[wazup]

If you are planning to sell the house, before June 1 would be better. Frenzy will die down after June 1, and there will be less people who can afford your house.

It hasn’t been announced yet but if the top dog is recommending it it will probably happen I would guess. Said may 7 in the article.

 

[curvluvr]

It hasn’t been announced yet but if the top dog is recommending it it will probably happen I would guess. Said may 7 in the article.

The wording in all articles does say that OSFI is proposing or recommending it. But I'm pretty sure that if it made the headlines, it is scheduled to happen. OSFI does oversee the banks.
Effective date would be June 1. May 7 is the deadline for input from qualifying stakeholders.