Thanks for this useful information. I assume the government you refer to would not start with an "L".
The idea of higher property taxes (e.g. - 13%) would impose a burden on existing homeowners as well as perhaps to some degree lowering their resale value. That might be offset by lowering the cost of a replacement home purchase But overall this sounds like a reasonable concept.
As a person in development I concur completely with the fees versus tax argument. As Toronto raised fees by 25% this year that cost will be passed through, eventually. In the short term it means people won't build as much as the market tody won't support that kind of cost increase. Presales are required to get moetgages for construction. There is a glut of housing coming on the market particularly in condos but that ends in late 2026. Scarcity will return to housing then and builders wil start building as presales will be high enough to support the fee increases. But a shortage should exist for 2027 through 2033. About the time it takes to get planning approved and construction completed on the high rise developments favoured by our cities. Shifting to property tax would solve this.
Thanks for this useful information. I assume the government you refer to would not start with an "L".
The idea of higher property taxes (e.g. - 13%) would impose a burden on existing homeowners as well as perhaps to some degree lowering their resale value. That might be offset by lowering the cost of a replacement home purchase But overall this sounds like a reasonable concept.
best regards
As a person in development I concur completely with the fees versus tax argument. As Toronto raised fees by 25% this year that cost will be passed through, eventually. In the short term it means people won't build as much as the market tody won't support that kind of cost increase. Presales are required to get moetgages for construction. There is a glut of housing coming on the market particularly in condos but that ends in late 2026. Scarcity will return to housing then and builders wil start building as presales will be high enough to support the fee increases. But a shortage should exist for 2027 through 2033. About the time it takes to get planning approved and construction completed on the high rise developments favoured by our cities. Shifting to property tax would solve this.
Calgary has similar problems.