Normalize interest rates: The most corrupt Crown Corporation in Canada CMHC allows one of their minion funded groups to propose surtax on homes over $1 million to address housing inequality – January 5, 2022,
So yeah, Ummm, the housing inequality problem in Canada, revolves around the Bank of Canada(BoC) Canada Mortgage and Housing Corporation(CMHC) collusion. The Canadian housing market didn’t crash when the U.S housing market crashed, but the Bank of Canada lowered interest rates anyway. The mortgage insurance product offered by CMHC didn’t stop insuring mortgages, as housing prices became more affordable?
If the Canadian housing market remains strong in a normalized interest rate environment, I’m all ears, but central bank interest rates are manipulated by the government for the benefit of the government. Government regulations and the Canadian government picking winners and losers created this mess. With that said, whose fault is it if a house is valued at $1 million dollars?
Interest rates are manipulated so, asset prices are going up because of the central bank. If this stupid idea becomes law, Whoever gets hit with this surtax should sue both the CMHC and the Bank of Canada for manipulating the housing market!
Interesting times ahead