Quote:
Originally Posted by Winsor_Pilates
It's 2024, you're talking about a change 24 years ago.
Most people with investment properties now, won't be aware of that or thinking of that. They're going to care that this change has impacted them directly.
You can nitpick at my using "decades" but lets say they bought in 2001 for the sake of eliminating semantics.
The couple with that gain IS the average person and they will care.
It may not seem like a big difference to you, but if it's your money it would.
The point is it's misleading to pretend this change only targeted the very wealthy.
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Can you share some data showing the average Canadian realizes a $1M+ real estate gain in their lifetime?
From the data I can find, approximately 65% of Canadians were homeowners in 1999, when the real estate benchmark price was approx. $200k in Canada. It has risen to $800k. So if we assume every homeowner bought in 1999 and has held on to their property, then the average homeowner would see far less than a $1M gain, and the average “Canadian” even lesss.