Owners of high-value homes are also willing to pay more to ensure greater affordability
The majority of Canadian residents are not opposed to an additional tax on residential properties valued higher than $1 million amid elevated prices, according to a Generation Squeeze survey.
Around 62% of Canadian homeowners indicated that they would support a “modest surtax” on such homes. Generation Squeeze estimated that homes valued above $1 million account for around 10% of the Canadian housing market.
The survey also found that owners of high-value homes, who have seen windfalls brought about by ever-rising home prices, are willing to pay more to ensure greater affordability.
“Across Canada, 60% of poll respondents agree with this proposal,” Generation Squeeze said. “Among those who own homes valued at over $1 million, support is even higher, with 64% saying they’re on board.”
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The poll also asked Canadians if they support a price on housing inequity, paid by owners of high-end homes.
“Support for this proposal drops slightly Canada-wide, to 55%. But crucially, 57% of poll respondents who own homes over $1 million still support a price on housing inequity – even when it’s clear that they would be the ones paying it.”
Latest data from the Canadian Real Estate Association showed that the average home price in Canada stood at $756,200 in October, a mere 1.2% change from the prior month.
