My award for the worst real estate idea of the year — possibly the decade — goes to Toronto city council for approving a motion to push for a provincial tax to stop home speculation and home flipping.The motion claims that “out-of-control housing prices are fuelled by real estate speculators and home flippers who are buying multiple properties other than their principal residence.”
Colle’s motion fails to make the necessary connection between the rise in home prices and the involvement of investors in perhaps 25 per cent of the market. In the motion’s preamble, Colle says that tax is credited with “slowing the extreme increase in property values.” Lawsuits between buyers and sellers dragged on for years and the tax turned out to be a bonanza for litigation lawyers. Figuratively, there was blood in the streets as homeowners saw their equity wiped out overnight.
bobaaron2 lower prices would be helping people - by making it possible for more of us to buy a home
bobaaron2 Lol
bobaaron2 Opinion is really the lowest form of human knowledge. It requires no accountability, no understanding.
bobaaron2 We need it to crash overnight. Why should we prop it up so a bunch of greasy, heartless infestors can profit off of a crisis?
bobaaron2 LET’S GO
bobaaron2 Bob pretty sure you demonstrated exactly why we need such a tax.
bobaaron2 We all know the housing market wont crash over night. Bob Aaron = Fear Mongerer Landlord
bobaaron2 Bob Aaron clearly owns multiple investment properties.
bobaaron2 Dropping housing prices is the whole point of that tax.
bobaaron2 For those who need a home to live in for the long term, a temporary downturn in prices is a good thing. House prices go up AND down, that’s normal.
bobaaron2 if the average housing price went up $300K in 2 years (as it has in some places) and then goes down $250K in 1 year, that's not a crash. that's normalization.
bobaaron2 Is this satire?
bobaaron2 Where do you find so out of touch people to write in your paper. Only way to make housing affordable for the young Canadians and future generations is a market crash. It wouldn’t hurt anyone but will help
bobaaron2 home prices plummeting would mean people could afford homes? That’s the point?
bobaaron2 Politions need not enter the real estate management area and fuck that up as well
bobaaron2 This tweet and article deserves to get ratio'd. Just the latest in a long line of tone deaf opinions from our entrenched home owning baron's.
bobaaron2 Good. Home prices should plummet, and the faster and greater the better
bobaaron2 Uuhhhh Bob we want the home prices to plummet
bobaaron2 That's the idea. Glad you're on board.
bobaaron2 Let's aim for 50-80%. Who knows, maybe Canadians will invest in real capital for a change if housing mania didn't rule everything around us.
bobaaron2 Any op-ed about the Toronto housing market that fails to acknowledge the existence of a housing crisis, much less offer anything even remotely resembling a solution, does not deserve to be published in 2022. Do better !
bobaaron2 Ok Bob. Classic out of touch boomer. Pretty sure if homes are plummeting from a tax meant to stop SPECULATION then that is the idea? I also would not feel bad for the SPECULATORS caught up in litigation. Folks who just want to have a home will be unscathed.
bobaaron2 Maybe public policy should be designed to help people, not to help the housing market
bobaaron2 Harm who?
bobaaron2 Why is that bad? People can better afford homes? Speculators suffer, that's fine. People need places to live and housing being less costly is good. People need to invest their money for growth elsewhere, that's all.
bobaaron2 Irresponsible gov't encourages price inflating speculation,& has immig.rates so high our broken housing system can't possibly keep up w. relentless demand.Result: seriously degraded quality of life for millions as gov't ensures housing emergency of unaffordability &unavailability
bobaaron2 Funny....bobaaron2 was around when Average House Price was called Average Purchase Price and if any realtor in Ontario pretended it had anything to do with house price change the Registrar would pull their license. Maybe we just need the Registrar to enforce the act?
bobaaron2 Ha ha ha ha - sounds like a solution to the problem! (Super tiny violin for the speculators though)
bobaaron2 Isn't the point to cool the market not to help it out? How did it go in Vancouver?
bobaaron2 Would that be bad for an inflated market?
bobaaron2 Why is she sitting on his lap though?
bobaaron2 We need them to plummet. It's a great idea
bobaaron2 Ok boomer. Plummet 30% and it will reach Aug 2021. The HORROR!!!
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