Is buying a home in Canada becoming a luxury reserved for the ‘sinners’? That’s the striking question posed by CIBC’s Benjamin Tal, who recently highlighted a concerning truth about our nation’s housing market.
In a country where homeownership was once a cornerstone of the Canadian dream, Tal points out a stark reality: the only things we tax more than housing in Canada are tobacco and alcohol. Let that sink in for a moment. Essential shelter, a fundamental human need and a key pathway to wealth building for many families, is now burdened with a tax regime comparable to vices.
This isn’t just about high prices; it’s about the systemic burden placed on prospective homeowners through various taxes, levies, and fees that pile up long before, during, and after a purchase. From land transfer taxes to development charges, and ongoing property taxes, the cost of simply owning a piece of the Canadian dream has become astronomical for many.
Tal’s comments serve as a powerful wake-up call. We need to critically examine the role taxation plays in exacerbating the housing affordability crisis. Is this the intended outcome of our fiscal policies? Are we inadvertently penalizing Canadians for aspiring to stable housing?
The current situation demands a serious conversation and, more importantly, concrete action. It’s time to rethink our approach to housing taxation and ensure that the path to homeownership isn’t an uphill battle against an over-taxed system. Because if buying a home feels like a ‘sin’, then we, as a society, have a fundamental problem we desperately need to fix.
Source: Original Article
