Market watchers have little faith anti-flipping tax, foreign buyers ban will improve housing affordability in Canada

both came into effect this month. Neither move is expected to significantly impact the housing market in a way that would lead to a reduction in property prices, or curb the treatment of housing as a commodity. A report released by the Parliamentary Budget Office in September showed the house price affordability gap widened last year.

“So you could go ahead and buy the place, you wait 18 months and they’ve chased you, and then you sell it, and you pay the $10,000 fine. That’s kind of the perfect money laundering timing scenario.” “Just as we found out with the foreign buyer’s ban, the new [anti-flipping] tax could have many holes as a pair of fishnet stockings,” Mr. Butler says.

“There’s one other interesting twist on the flipping tax,” he says. “If you lose money – which could happen now with the market being soft and maybe going down – the loss cannot be claimed as a business loss. That’s very interesting. They just wanted to, I imagine, say, ‘this is a no-go area. Don’t do it. If you happen to lose money you’re out of luck.’”“Looking back, I don’t think anything that B.C. has done, or now the federal government is doing, has had a big impact,” Prof. Kesselman says.

Once it applies to assignment sales, government estimates another $5-million in tax revenues over five years. The proposal to extend the anti-flipping tax to assignment sales was announced in the federal government’s fall economic statement. Profits from the assignment sale would be fully taxable as business income if owned for less than 12 months.

'Market watchers' may not be completely unbiased.

If you raise interest rates to 20% you'll solve the problrm overnight just like in the 1980s.

It's correct. It's all just a tax grab by politicians with no impact on solving the problem. They just want their slice of the pie. shameful

Unlikely!

Not even a dent

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