The housing mandate. There are some good things in there. Hopefully it comes true. Like banning foreign investors, taxing flippers who sell after having the house for less than 12 months, increase densification and inclusionary zoning.
https://pm.gc.ca/en/mandate-letters/2021/12/16/minister-housing-and-diversity-and-inclusion-mandate-letter
- Work with provinces, territories, municipalities and the Deputy Prime Minister and Minister of Finance to develop a Fairness in Real Estate Action Plan that includes:
- Amendments to the Income Tax Act to require landlords to disclose in their tax filings the rent they receive pre- and post-renovation and to pay a proportional surtax if the increase in rent is excessive;
- An anti-flipping tax on residential properties, requiring properties to be held for at least 12 months;
- A temporary ban on foreign buyers of non-recreational residential property in the Canadian housing market so that housing does not sit vacant and unavailable to Canadians;
- Supporting the review of, and possible reforms to, the tax treatment of Real Estate Investment Trusts;
- Developing policies to curb excessive profits in investment properties while protecting small independent landlords;
- Reviewing the down payment requirements for investment properties;
- Increased consumer protection and transparency in real estate transactions, including a ban on blind bidding;
- Identifying how federal regulators can be better positioned to respond to housing price fluctuations and to help ensure a more stable Canadian housing market; and
- Preventing “renovictions”.
Band-aid over bullet wounds... They need:
1. Tax capital gains on residential properties at higher rate (70-80%) unless the property was held by the seller for 50 years. No exemption for primary residences.
2. No sale in minimum 2 years.
3. Federal mandate on forcing municipal corporation to allow multi-family homes / duplexes on all lots bigger than 5000 Sqft.
4. Make all real estate transactions public records.
5. Force to list all share holders of numbered corps which just own residential property, that information cannot be treated as attorney-client privilege.
6. Regulate real estate agent / realtor professionals and enforce a fixed commission model instead of percentage of selling price. Remove incentive of bidding wars.
7. People with no income like housewives and students need to declare the source of their money to buy houses. If it is just gift/foreign money/casino money then it should be taxed at highest slab of income before they can buy any property.
8. Regulate gaming industry (casinos) to limit maximum amount of money that can be given or taken in cash or chips form. Create incentives to report mal practices with cash awards to those who report such scams.