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Corporations hoarding homes thank Canadians for enthusiastically blaming immigration
(www.thebeaverton.com)
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this post was submitted on 22 Aug 2023
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Blaming corporations is a cop-out. Small "mom and pop" landlords are just as capable of gouging their fellow Canadians for profit. At least there are real-estate corporations that build stuff instead of being purely parasitic.
And at least the corps have to pay tax on their profits. Private owners who bought when things were cheap and are now multimillionaires got all that money effort-free and tax-free thanks to the principal residence exception.
How exactly do they get it tax free due to principle residence exemption?
If you bought your house in 1986 for $60k, and then sold it in 2021 for a $million, and you lived in it for those 25 years as your principal residence, then that is tax-free.
Obviously this is less about landlords than just homeowners who are celebrating their good fortune, but still: blaming corporations is a cop-out.
That's 9%/year annual rate of return (assuming 2% inflation), which is good, but not unheard of (here's the calculator i used. This ignores all the money they put into the place while they lived in it (roof's and heaters etc aren't cheap). It also discounts that they need to find a place to live in 2021 where all houses just got much more expensive then back in 1986.
That whole time they were paying property tax.