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Canadians support surcharge tax on $1 million homes, poll shows


A new survey finds a majority of Canadians would support modest rates on housing inequality, with many calling for a tax increase on homes valued at over $1 million – accounting for 10% of the country’s housing market.

Such a tax measure could increase revenue by about $5 billion a year, BNN Bloomberg reports.

The data, collected by Generation Squeeze, a Canadian nonprofit, points to a united homeowner’s hope in combating insolvency.

“We should honor those of us who are willing to contribute a small portion of their housing assets to help stem the level of affordability hardship,” Generation Squeeze writes on their website.

“Our poll shows that many Canadians are willing to change a dysfunctional housing system that pits young home owners yearning to buy a home… against long-term homeowners. older generations bought into the market decades ago and have seen prices soar creating unexpected booms.”

The poll surveyed 1,010 Canadian adults. 57% of respondents living in multi-million dollar homes said they would support “setting a moderate price on housing inequality”.

In October, the median home price in Canada fell to $756,200, down 1.2% from the previous month, according to a report released Tuesday by the Real Estate Association of Canada.

Many poll respondents think tax support will increase if sales increase toward more affordable housing units.

“What our poll shows is that many Canadians will be willing to go beyond what politicians expect to check for an escalation in house prices,” Generation Squeeze said.


Methodology:


This data was collected by Research Co. for Generation Squeeze. The poll was conducted with 1,010 Canadian adults and the margin of error was +/- 3.1 percentage points of age, 19 times out of 20.

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