Toronto morphs into whole new ‘monster’ as houses slump and condos soar

Now this might sound complicated but as a resident of Toronto what’s happening here is actually quite easy to explain. The government has recently been cracking down on the problem they created by taxing freehold homes with empty home taxes. However it’s a lot harder to tax condo owners with empty condos. Also a person can rent out a condo. I recently wrote a solution to this problem that’s going to be a growing problem in the years to come.

Condos are easier to dump money into because it will take a lot of government employees to monitor energy consumption as an example. As I’ve stated time and time again if you mix CMHC and rental controls, developers are going to build condos everytime. Developers are way more protected from risk building a condo than they are from building high rise rental controlled apartment buildings. We are in an age where Canadians log on to the internet far more than any other region in the world. If you want rental controls use MPAC to as a benchmark to determine rent prices and subject any persons going above that market price to a property reassessment value. Now more than ever Canada should be enjoying a better standard of living.

Unfortunately Canadian governments are still using the old ways of thinking. Anyway this is the article, consider reading it and consider what I’ve stated.
http://business.financialpost.com/real-estate/toronto-morphs-into-new-monster-as-houses-slump-condos-soar