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Decentralized Democracy

House Hansard - 212

44th Parl. 1st Sess.
June 13, 2023 10:00AM
Context: House Hansard - 212 - Jun/13/23
Mr. Marc Dalton (Pitt Meadows—Maple Ridge, CPC)
  • Jun/13/23 11:01:29 a.m.
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Mr. Speaker, the member finished by saying that the Liberals were doing all they could to get this under control. It seems to me that they are missing an essential element, and that is keeping the debt under control. This has led to a ballooning of the inflationary fire. The Bank of Canada has been forced to raise interest rates, which is having a tremendous impact on homeowners who are renting to other people. They are forced to raise how much rent they charge or else sell their properties. Does the member not recognize the impact of their policies on housing stocks?
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Context: House Hansard - 212 - Jun/13/23
Hon. Michael Chong
  • Jun/13/23 1:07:07 p.m.
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Madam Speaker, we support all sorts of housing, whether it be co-op, not-for-profit, for profit or affordable housing. To be clear, the source of our problem with the lack of apartment supply in Canada is not solely capital gains taxes. There is a range of problems. One other problem, which I did not mention in my remarks, is property taxes. I was talking to Jack Mintz, an economist who has done some research on this, and he told me something astounding. In most Canadian cities and provinces, property taxes on apartment buildings are way higher than property taxes on single detached homes in the suburbs. That is because over decades, municipal councils have decided they can increase the mill rate, the tax rate, per hundred thousand dollars of assessment on apartment owners in a way they cannot on homeowners of single detached homes. That is a problem that needs to be addressed, because many people who rent are of much lower income than those who own a home.
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