What happens if that mortgage term is reduced? With a shorter amortization period, your monthly carrying costs go up.
What if there was a rule where every mortgage application had to be verified through a non-biased, third-party company? The cost of this service would be charged back to the financial institution providing the mortgage. Doing this would mean less fraud, and lenders would only be approving clients that can actually afford their payments.Article content
Anyone who’s just starting to save their down payment would likely be strongly opposed to this, but this is another example of short-term pain leading to long-term gain.Currently, capital gains on investment properties are taxed at 50 per cent. This is no different than other investments you hold. However, to reduce housing costs, how about increasing the capital gains tax on investment properties to 75 per cent or even 100 per cent.
It would be great for people who just want to own a home for themselves, but investors and realtors would be up in arms as their profit margins would drop.The current system where you bid blindly on real estate is broken. None of the bidders know what numbers they are competing against, forcing them to bid higher in the hopes of securing a home. This system needs to be changed immediately.
Some people that work in real estate argue that getting rid of blind bidding is not suitable for privacy reasons. However, the end of blind bidding would only reveal the numbers for the bids. Personal details such as the bidders’ names would not be disclosed.Article contentAs long as politicians are more concerned about winning elections and individuals working in real estate are focused on profits, housing affordability will always be an issue.
Stop giving loans out for next to nothing. Increase interest rates to 5-7% and the market will become affordable.
It’s very clear to me people don’t know how to live within their budget. This has nothing to do with the price of housing. If you don’t make enough money look elsewhere. There are still lots of places in Canada that have everything you could want. Just not In major city’s
I understand that something should happen but doubling taxes because you own 2 properties ( house and cottage) or increasing cap gains from 50 to 75% . Sorry but no. How about real-estate agents can only recieve commission on what they listed it for not the bidding increase?
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What is the Tax-Free First Home Savings Account?The FHSA won’t make housing more affordable, but it’s a great account for savers
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