Author Topic: Poilievre and 1/3 of Liberal cabinet own investment/rental property  (Read 409 times)

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Offline Squidward von Squidderson

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whaaa! Gatekeeper says what?

Not surprising that he’s a hypocrite offering simpleton solutions to a complex problem. 

Offline Squidward von Squidderson

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lol the party of small government strikes again.

You agree with Poilievre about the problem, but you don’t agree with his solution to force cities to build more housing (agreed, it’s a stupid and unworkable policy)

What’s your preferred solution?

Offline Black Dog

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Where do you think rental properties come from? 

From people buying properties and thus preventing other people from owning them?

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Not allowing someone to own multiple properties would be a pretty gross government over-reach.

I didn't say anything about that.

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Where is the evidence of how much this is driving up property prices?   Would it even make a difference in prices, or is it just a drop in the bucket of what is affecting housing prices?    No one has linked to any sources of information….  So far, it just sounds more like petty jealousy…

Investors own nearly a third of homes in major Canadian markets

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Multiple-property owners accounted for 31 per cent of all homes in Ontario as of early 2020 and almost the same share in British Columbia, a report from Statistics Canada said Tuesday. In the smaller East Coast provinces of Nova Scotia and New Brunswick, the share was about 40 per cent, the data show.

But with the supply of houses for sale still near record lows, prices at record highs, and interest rates set to rise, the barriers for new buyers appear to be getting more entrenched. In British Columbia, the top 10 per cent of owners control 29 per cent of the total value of residential properties in the province.

Investors are gobbling up multiple homes in Canada's hot housing market

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The people piling into Canada’s red-hot housing market fastest already own a home — or in some cases three or four.

In the 12 months through June, the number of people adding a fourth mortgage or more surged 7.7 per cent, more than doubling the increase for first-time borrowers, according to data from consumer credit reporting firm Equifax Canada Inc.
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“There is a population that is taking advantage of the current housing market situation to use it as an investment for their retirement instead of traditional routes,” said Rebecca Oakes, assistant vice president of advanced analytics at Equifax. “There is a definite growth in terms of people with multiple mortgages.”

The surge of investor activity has raised affordability concerns, with many potential buyers shut out of the market. The trend presents a challenge for Prime Minister Justin Trudeau, who made helping first-time buyers a centrepiece of the election campaign that returned him to power in Canada’s federal election last week.


Offline Black Dog

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You agree with Poilievre about the problem, but you don’t agree with his solution to force cities to build more housing (agreed, it’s a stupid and unworkable policy)

What’s your preferred solution?

My preferred solutions include rent caps, banning exclusionary zoning, a massive campaign to build public housing, tightened mortgage restrictions and debt stress tests, expropriation of vacant properties and jacked up taxes on vacant houses and multiple properties.
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Offline Squidward von Squidderson

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My preferred solutions include rent caps, banning exclusionary zoning, a massive campaign to build public housing, tightened mortgage restrictions and debt stress tests, expropriation of vacant properties and jacked up taxes on vacant houses and multiple properties.

Sure, I could get behind some of that….  I think some is a bit of fantasy though.  Expropriation of someone’s private property is extreme and will have unintended consequences.   

Mortgage restrictions that will make it more difficult for 1st time home buyers?  Seems counter intuitive to what you are hoping for. 

Jacking up taxes on a cabin out in the middle of nowhere will do exactly nothing to help with housing. 

I think a significant hike in interest rates will likely be the fastest solution to lowering home prices.  But then people will complain about people, who didn’t plan their finances well, not being able to pay their mortgages…. But, that will free up the same house at a cheaper price for someone else to buy. 

ETA:
If you crank up taxes on 2nd homes, you are going to crank up people’s rents.  Rent controls?  Then those homes will get sold as the increased taxes makes it no longer profitable to own a rental property. 

But, that’s a good thing, as that home will now be up for sale.  Of course, you’ve just kicked a renter out of their home….
« Last Edit: April 22, 2022, 01:07:24 pm by Squidward von Squidderson »

Offline Black Dog

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Sure, I could get behind all of that….  I think some is a bit of fantasy though. 

Of course it's fantasy, no one in power is actually interested in solving the problem.

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Expropriation of someone’s private property is extreme and will have unintended consequences.   

Where I live there's a stretch of our old downtown that is a block of buildings owned by absentee landlords. The buildings are literally falling down because the owners are probably using them as a tax write off. There's no reason they should get to sit on that forever.

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Mortgage restrictions that will make it more difficult for 1st time home buyers?  Seems counter intuitive to what you are hoping for. 

The idea is to lower prices and let the air out of the bubble so people don't have to overextend themselves to get a foothold.

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Jacking up taxes on a cabin out in the middle of nowhere will do exactly nothing to help with housing. 

Cabins in the middle of nowhere are insignificant compared to the investment properties.

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I think a significant hike in interest rates will likely be the fastest solution to lowering home prices.  But then people will complain about people, who didn’t plan their finances well, not being able to pay their mortgages…. But, that will free up the same house at a cheaper price for someone else to buy.

Ultimately, though, people with money and people who are already in the game will still be able to afford to snatch up those properties, so i don't se interest rates alone solving the crisis.

Offline Squidward von Squidderson

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Where I live there's a stretch of our old downtown that is a block of buildings owned by absentee landlords. The buildings are literally falling down because the owners are probably using them as a tax write off. There's no reason they should get to sit on that forever.

I think stricter government controls over not allowing buildings fall apart is a better solution than cranking up taxes, or trying to take away the properties from the owners. 

I rent out a small apartment I used to live in.  Rent is below market rates cuz the little old lady is the best tenant I could hope to find.  Raise taxes on that place because you fantasize that everyone is a slumlord, then I have to raise rents.  Apply rent controls in addition, and that lady gets the boot cuz I sell it. 

I don’t think your solutions are actual real-world solutions.  I think they’re solutions to a perceived problem (evil slumlords) rather than what is happening in the real world.
« Last Edit: April 22, 2022, 01:16:06 pm by Squidward von Squidderson »

Offline Black Dog

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I think stricter government controls over not allowing buildings fall apart is a better solution than cranking up taxes, or trying to take away the properties from the owners. 

I rent out a small apartment I used to live in.  Rent is below market rates cuz the little old lady is the best tenant I could hope to find.  Raise taxes on that place because you fantasize that everyone is a slumlord, then I have to raise rents.  Apply rent controls in addition, and that lady gets the boot cuz I sell it. 

I don’t think your solutions are actual real-world solutions.  I think they’re solutions to a perceived problem (evil slumlords) rather than what is happening in the real world.

So because you're doing someone a solid, that means slumlords and exploitive landlords aren't a real problem? Come on man.

Offline Squidward von Squidderson

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So because you're doing someone a solid, that means slumlords and exploitive landlords aren't a real problem? Come on man.

Not what I said.  And, I don’t even claim to be doing anything good… the lady is low risk, so really helps me out as someone who doesn’t want to put in that much effort.

But your solution for slumlords affects people who aren’t slumlords negatively.  You’re taking a machete to the problem when it calls for a scalpel. 

Offline waldo

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whaaa! Gatekeeper says what?

I've never listened to him talk before but now that I have all I can think of is this.

or perhaps Milhouse!