450
submitted 1 year ago by sik0fewl@kbin.social to c/canada@lemmy.ca

According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.

you are viewing a single comment's thread
view the rest of the comments
[-] Hyacathusarullistad@kbin.social 55 points 1 year ago

What we need to do is de-incentivize the commodification of housing entirely. Really make it unprofitable to deal in homes while passing the risk for your "investment" on to the people you're exploiting.

I'm talking about an outright ban on all corporations, foreign and domestic, from owning single family homes β€” corporations need offices, not homes, and shell corporations and LLCs don't even need those. Give a one year grace period, then tax all rental income collected from single-family homes at 100%. Maybe fine them each year too until they shape up.

I'm talking about regulating rental prices on short-term rentals, and capping the annual income allowed from short-term rental units to a value indexed against minimum wage (or preferably the area's living wage, determined not by any level of government itself but by valid third party organizations).

I'm talking an annual federal tax on properties not occupied full time by the owner or their immediate blood relative. Parent, sibling, or child. Something insane, maybe 400-800% of the home's property tax. Multiply it exponentially for each hoarded home. Throw in an exception for a second home if it's far enough from the first (people who own cottages aren't the problem, and shouldn't be penalised). But only for the second home β€” nobody needs two or three or four "vacation homes".

That's how we force land-rich boomers out of the housing "market" and get homes into the hands of people who need them, who should have a right to stable housing, who are currently being blocked from the market by vampiric land leeches.

[-] toadster@lemmy.ca 6 points 1 year ago

But then how would we generate GDP?

[-] SkepticalButOpenMinded@lemmy.ca 11 points 1 year ago

This is fake GDP. Investing in land value is unproductive. Unlike a business, nothing of value is added.

In Canada, spending a million dollars to open a restaurant or found a tech start up is a worse bet than just buying a house. Not to mention these businesses are simply harder to keep open when real estate expenses are so high. This is terrible for our economy and one of the biggest reasons why our GDP-per-capita is falling behind peer countries.

[-] dubyakay@lemmy.ca 2 points 1 year ago

I think their question was facetious.

[-] SkepticalButOpenMinded@lemmy.ca 2 points 1 year ago

Hard to tell. Lots of Canadians, including probably our prime minister, genuinely believe that high and rising real estate prices is good for our economy.

[-] girlfreddy@mastodon.social 1 points 1 year ago

@SkepticalButOpenMinded @dubyakay

I wish more people understood this.

load more comments (25 replies)
this post was submitted on 30 Aug 2023
450 points (98.5% liked)

Canada

7224 readers
388 users here now

What's going on Canada?



Communities


🍁 Meta


πŸ—ΊοΈ Provinces / Territories


πŸ™οΈ Cities / Local Communities


πŸ’ SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer


πŸ’» Universities


πŸ’΅ Finance / Shopping


πŸ—£οΈ Politics


🍁 Social and Culture


Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca


founded 4 years ago
MODERATORS