558
Corporations hoarding homes thank Canadians for enthusiastically blaming immigration
(www.thebeaverton.com)
this post was submitted on 22 Aug 2023
558 points (97.8% liked)
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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.