Sure it is. I bought my current house during the 2022 rush. I was personally involved in a dozen bidding wars and never did someone ask to go to another round.
Thats nothing new. It sounds like you're just imagining up a bunch of scenarios where everyone is worse off because boomers are made to pay their property taxes like everyone else.
@EL CORINTHIAN , sorry to bother you but is it true that bidders in the Toronto market were sometimes asked to go through another round of bids, Mr Holmes doesn't believe it.
Actually I said things might be different in Canada.
I'm hoping boomers who have benefited the most from the market pay their taxes. Did you watch the video? Any arguments against what Sagar said?
It is unfortunately true. Toronto's market is beyond fucked.
Yes boomers have already paid their taxes for 30 years plus, enough is enough. It wasn't the boomers that inflated the cost of homes, it was your politicians, home builders, ridiculous regulations, unions, red tape, zoning laws, etc. why shouldn't a person live out the rest of their lives in the comfort of their long term home?
@Sinister - I can't find the thread but I'm pretty sure you and I shared some mutual disgust for the boomers. Now they're trying to weasel out of paying property taxes.
As Saagar points out they will receive nearly double from the system than what they put in. Regardless of who's fault it is they've benefitted the most. You think the rest of us should pay more taxes to cover them? Young people are getting screwed over here.
They can down size and go live in a condo.
How will they recieve more than double, from old age pensions? They paid more into that than they will ever recieve back, and you can't realistically say regardless of whose fault, and be serious. Yes young people are getting screwed over but again it's not boomers fault. I have kids too, they might be in an even worse situation than the current generation.
No, if they can't afford it they should sell it and downsize, have one of their adult children move in to help pay, or get a part time job.
That was in the video. Medicare, social security, etc.
Nah, I'm thinking of up sizing. I'll have to pay more in taxes but thats life.
Ok, and if they can afford it they can have as many as they like and shouldn't be taxed extra for having multiple homes which IS happening in this market. And when the rents go up so the owners of multiple homes can keep their primary residence afloat, don't bitch and cry that they're just a bunch of greedy slumlords.
So then these people paid into those systems already didn't they? It was deducted prom their paychecks for years.
I recall you posting this before, I called you a genius back then.
Not going to comment on that tax as I'm not aware of the details. I'm okay with allowing some relief for taxes on a primary residence so I'd probably disagree with not taxing their other homes extra since the whole point is to favor those living in their homes.
One option that I didn't mention is to build an accessory dwelling unit on the property and either renting the ADU itself or moving into it and renting the primary house. That way they can remain on their property while adding more housing to the market.
I think he's Canadian so they don't have government backed fixed rate mortgages up there like we do in the US IIRC.
So? If you can't afford your house getting a roommate to bolster household income is natural and older parents living with adult children, especially if they have grandkids, is hardly uncommon. You're not entitled to live on a given plot of land that you can't afford without having to make any trade offs for it.
