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Impact of Taxation on the Canadian Housing Market
Deployment of taxes has been front and centre as a tactic to calm Canadian housing market, but removing capital gains tax exemption on principal residences could turn market from hot to cold
What could the Canadian housing market look like in the next five years if governments consider further short-term taxation measures on homeowners as a way to cool things down? It could be a deal-breaker for buyers, says a new four-part report from RE/MAX Canada, developed in collaboration with CIBC and The Conference Board of Canada.
Unlocking the Future: The Economic Chapter offers a five-year outlook and analysis of how real estate in Canada might respond to specific scenarios through 2027, such as interest rate hikes, annual immigration volumes and taxation, and explores how these factors may impact Canadians’ capacity to buy, sell and maintain their homes in a stable manner. Subsequent chapters, which will be released throughout 2022, will consider the influence of climate change, the status of on-premise work, and technology on the Canada real estate market.
As the second quarter of 2022 approaches, many volatile factors are in play — from inflation to rising interest rates and a war in Europe — that will alter economic conditions in the short and long term. Based on specific plausible and confirmed scenarios, exploration within this report focuses on how policy decisions could affect real estate in Canada over the next five years.
Complete article: https://blog.remax.ca/blunt-blow-to-canadian-housing-market/
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