We need to increase the propensity to rent in Canada: CIBC’s deputy chief economist
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- เผยแพร่เมื่อ 7 พ.ค. 2024
- What will it take to significantly increase rental supply in Canada? Benjamin Tal, deputy chief economist at CIBC says we have come a long way but changing the treatment of the capital gains tax on commercial properties, and incentivizing developers to build secondary suites could help even more.
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Special tax loop holes for commercial wealthy real estate investors and high capital gain taxes for ordinary middle class small businesses.. that's rich.
capital gains on realestate locks assets in place and restricts supply. why would some one sell a property and use that money to build another if the government takes a large piece on every step of the ladder
Who is going to own these rental units? Right, they gonna cut coupons till the rest of times, and all new generations will live in servitude forever… without savings, pensions and without dignity. The new American Dream!
No mention of the investors ( financed by his bank no doubt ) who buy housing units in bulk and limit sales to first time buyers ?
If rents stayed affordable he may be on to something. The unfortunate reality of rent in Canada. Is that it goes up with time. Often times, you’ll end up paying more in your lowest earning years. If you own, you at least have an asset and can sell and downsize or move in retirement.
You want affordable housing? Increase interest rates to 10%. You’ll see $600,000 houses drop to $400,000 real quick. 1M shacks in Vancouver dropping back down to $50,000 in a month.
And you'll see construction of much needed housing, come to a screeching halt.
Interest rate like now means lower number of people qualify for mortgage, so less new construction buyers, Less construction, less supply, high price, more competition of rent, higher rental price. Higher borrowing cost for project means cost is passing down on the price so higher inflation.
Higher extended rates means higher inflation.
Counter intuitive but that's what if happening
Ban short term rentals and corporations from buying thousands of homes and other rental units. Problem solved.
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"We need to increase the propensity to rent in Canada" says home owner Benjamin Tal
I agree, that this policy is a fail. There are better ways to incent suite construction. In a similar manner, the city of Victoria's multiplexing program hasn't worked, due to the complex set of requirements, that make it not workable.
Include food, energy and housing in the CPLie calculator. Increase rates to the double digits that inflation actually is at. 12 % interest rates kills everything inflated including ridiculous housing costs.
Too late. The whole rotten system is ... clucked. The current lot of poxy factotems have ruined life for all.
How about we stop given loans to individuals who really can't afford them. I don't know about housing shortages, I think there is just too much demand, a single family should not need 4-5 houses under their names
problem in canada, govt policies has made people to involve in buying/ selling houses as a frenzy business. How come any govt tax every single dollar earned from second job to cover increase living cost. However, captial gain tax made thru selling investment home is applied to only 50% of gain amount. remaining 50% is tax free. Interesting. money earn thru sweat is taxed to death but money made thru investment is taxed very little.
Capital gains is now 66%
1) Bring the immigration, foreign students and number of temps down to pre-pandemic levels; and
2) get the fed gov out of the business of speculation in real estate (huge issue!); and
The Problem Solved!
govt thru M2 supply and poor housing & reckless immigration policies is driving the house prices up. this is no brainer. i have a very little understanding of macro economics, i can assure you that any country who drives its gdp thru real estate (non productive assets) will end up with a disaster. I want to see how long this govt can continue to devalue its own currency in order to increase asset prices and drive fake gdp growth. this will be the biggest generational stealing of money from poor/middle class to wealthy in the history of mankind.
You think he has a tenant?
Let builder's build! Nobody needs the government involved
No thanks. Houses please 😊
Benny is now biased into real estate go figure
Ready for the housing market launch.
What a crappy country that people must have a tenant just to afford a home to live in.
Only one reason we have a supply issue….. immigration. Otherwise where did all the population growth come from that’s causing all of the housing shortages across the country.
I'm Canadian...please tax me.
this wish always granted no need ask 😂
granted next time no need ask 😢
Root problem: Too many people chasing too few homes. Economics 101.
You can't fix this by tinkering.
the tax roll over that he describes we already have
Cant rent if you cant insure your rentie pays.
They are called in-law suites.
He is spot on for 1031 exchange in Canada. There is no incentive to sell your property and add supply when you can refinance instead. If MPs are serious about housing and really want additional supply they would implement this immediately
Higher interest rates makes housing less affordable
Good luck!! If the LTB does not change, no one is going to rent!! Renters have more rights than landlords!!
How do you get a unit below market rent?
This guy is just a joke.
I think he learned from Israel.
About changes to
The LTB
Do you check your videos before posting them??? The voice doesn't sync with the video so what's going on😅😅😅