Quote:
Originally Posted by CorsiHockeyLeague
It is provided you only own one place. If you have a summer place or a cabin or whatever you might be better off with the interest deduction and mortgage benefits.
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It's also going to lead to a lot of inequality in many markets. For example, in Vancouver, it's already almost at the point where only people born there, who's parents own already, can afford to buy in. Most non-foreign purchases involve help from the bank of mom and dad. This will only get worse. Unless they start taxing principle residences, they will become a vehicle for rich families to hide wealth.
It's obviously a different scenario in many markets. They need to come up with some middle ground though. It's absurd that you can buy and flip a multi-million dollar residence with few tax consequences.