this post was submitted on 12 Aug 2023
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I could see something like that working. I think it works pretty well for most since two adults could own two homes (one each) so most Canadians wouldn't be affected, so it would get broad support, but those with large real estate portfolios pay a lot more.
I think maybe BC's model would work better, just scaled up much more dramatically. Here, you get a property tax rebate for living in the home (and an extra small rebate for also being a senior). Make that a $5k rebate and increase property taxes to match and now there's a real incentive to sell. As it is, $1000/yr or whatever it is doesn't bite enough to move the needle.