HomeMortgageWhy we need to tax million-dollar-home owners

Why we need to tax million-dollar-home owners

To tackle the scourge of housing unaffordability, older, wealthier homeowners need to chip in

Paul Kershaw is a policy professor at the UBC School of Population and Public Health. He is the founder of Generation Squeeze, a think tank that promotes well-being and fairness for Canadians of all ages.

I’m 47 years old now, but I started the “think and change tank” Generation Squeeze when I was 36. Its mandate was to tackle generational unfairness, and one of the first areas I looked at was, unsurprisingly, housing. I got into the Metro Vancouver property market in 2004—well before many millennials. I bought a single-family detached home for $540,000, and my mortgage still sits at well over $400,000 even though I’ve been paying it down for 18 years. That said, since buying, I’ve made more than a million dollars in equity. My partner and I have…

Read more at www.macleans.ca

- Advertisment -

Most Popular