Home Equity Tax for homes over $1,000,000 as heard on CTV news – mark your calendar for February 22nd, when the budget comes out.
How will this play out as an effort to cool down our Real Estate Market? The first thing that my mind falls onto is my clients who are seniors and have owned their homes for some 50 years. Those who are already barely able to afford their property tax on their current pension, and with the increased cost of everything, see no reason to move. If this comes to fruition, they would be poised to pay the tax on home equity values over $1,000,000 or choose to sell. This doesn’t feel right, they didn’t initially pay $1,000,000 for their properties. But now, these clients must pay the price for a housing market they didn’t create.
To go even further, think about the younger families working hard, saving their money, combining households with family to be able to afford to move into a larger home for their growing families. This tax takes the money right out of their pockets. Then there’s everyone in-between who have earned their equity honestly by living in their homes, creating memories. These people are not the issue and yet are being affected.
Owning a home, you’ve earned the right and are entitled to every penny of your equity. You work hard to protect and care for this investment over the years. There is nothing fair about taxing this money. People shouldn’t be punished because a small portion of homeowners choose to cheat the system by house flipping.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
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