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this post was submitted on 31 Aug 2023
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The Feds have all sorts of their own levers they could pull to reign in the housing market. To date, the only levers they've pulled are to increase demand (RRPS withdrawls, shared equity (LOL), FHSA).
I think it should be clearer the Liberals has only done things where people pump even more money into real estate.
I really don't understand why there's any debate whether they would do anything for prices when the person who was their Housing Minister flipped houses and said investor like him was doing Canadians a solid.
Why can't they be financial?
They could cap tax exempt capital gains like the US does, not allow writing off mortgage interest on investment properties, add a flat tax for homes beyond primary homes (like Singapore), get back to building low income housing like they used to, mobilize a crown corp to build affordable housing etc etc.
They have all sorts of helpful options, and they have done none of them despite this issue being on the radar at the very start of the recent liberal rule. All they HAVE done is driven up demand with more programs that allow more and more debt to enter the market and prodded the banks to allow mortgage terms to swell up into 90 plus years in some cases.