509
Corporations hoarding homes thank Canadians for enthusiastically blaming immigration
(www.thebeaverton.com)
this post was submitted on 22 Aug 2023
509 points (98.1% liked)
Canada
10304 readers
1432 users here now
What's going on Canada?
Related Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Local Communities
- Anmore (BC)
- Burnaby (BC)
- Calgary (AB)
- Comox Valley (BC)
- Edmonton (AB)
- Greater Sudbury (ON)
- Guelph (ON)
- Halifax (NS)
- Hamilton (ON)
- Kingston (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Niagara Falls (ON)
- Niagara-on-the-Lake (ON)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Squamish (BC)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Whistler (BC)
- Windsor (ON)
- Winnipeg (MB)
Sorted alphabetically by city name.
🏒 Sports
Hockey
- Main: c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL): incomplete
Football (CFL): incomplete
Baseball
Basketball
Soccer
- Main: /c/CanadaSoccer
- Toronto FC
💻 Schools / Universities
- BC | UBC (U of British Columbia)
- BC | SFU (Simon Fraser U)
- BC | VIU (Vancouver Island U)
- BC | TWU (Trinity Western U)
- ON | UofT (U of Toronto)
- ON | UWO (U of Western Ontario)
- ON | UWaterloo (U of Waterloo)
- ON | UofG (U of Guelph)
- ON | OTU (Ontario Tech U)
- QC | McGill (McGill U)
Sorted by province, then by total full-time enrolment.
💵 Finance, Shopping, Sales
- Personal Finance Canada
- Buy Canadian
- BAPCSalesCanada
- Canadian Investor
- Canadian Skincare
- Churning Canada
- Quebec Finance
🗣️ Politics
- General:
- Federal Parties (alphabetical):
- By Province (alphabetical):
🍁 Social / Culture
- Ask a Canadian
- Bières Québec
- Canada Francais
- Canadian Gaming
- EhVideos (Canadian video media)
- First Nations
- First Nations Languages
- Indigenous
- Inuit
- Logiciels libres au Québec
- Maple Music (music)
Rules
- Keep the original title when submitting an article. You can put your own commentary in the body of the post or in the comment section.
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Blaming corporations is a cop-out. Small "mom and pop" landlords are just as capable of gouging their fellow Canadians for profit. At least there are real-estate corporations that build stuff instead of being purely parasitic.
And at least the corps have to pay tax on their profits. Private owners who bought when things were cheap and are now multimillionaires got all that money effort-free and tax-free thanks to the principal residence exception.
This stinks. I'm not a landlord, I do own my own house.
I wish i payed 15%. I'm not even counting on the rebates they get for setting up shop places, or developing "doing research". Corporations quite often do not pay their fair share. Corporations do buy up swaths of real estate.
Almost nobody got their shit effort-free, you still have to go in with the bank and pay them a shit tonne of money. Principal residence only applies to first residence, and you still have to pay taxes on your residence (I know, because I pay them).
And here's some news for you: housing was always relatively expensive, people who bought gigantic mortgages took on a whole pile of risk, made the banks rich, and sometimes came out richer for it; that doesn't make them bad.
How exactly do they get it tax free due to principle residence exemption?
If you bought your house in 1986 for $60k, and then sold it in 2021 for a $million, and you lived in it for those 25 years as your principal residence, then that is tax-free.
Obviously this is less about landlords than just homeowners who are celebrating their good fortune, but still: blaming corporations is a cop-out.
Yeah, that one is well known. I was trying to figure out how they made that work with rentals, which don't have that exclusive.
Sorry, but how does that tax exemption work for the landlords then? They have to live in the unit for at least a year to avoid capital gain on the property.
That's 9%/year annual rate of return (assuming 2% inflation), which is good, but not unheard of (here's the calculator i used. This ignores all the money they put into the place while they lived in it (roof's and heaters etc aren't cheap). It also discounts that they need to find a place to live in 2021 where all houses just got much more expensive then back in 1986.
That whole time they were paying property tax.