In this episode of The Last Honest Realtor podcast, host David Fleming dives into the complex and often frustrating world of real estate taxes, focusing on how they impact housing affordability in Toronto and beyond. David covers everything from land transfer taxes to the luxury tax, the underused housing tax, and more, explaining why these taxes make real estate more expensive and how they might be contributing to the housing crisis.
Drawing on his fiscal conservative viewpoint, David questions whether our current tax system is truly fair and how it affects home buyers and sellers alike. If you’ve ever wondered why real estate costs keep skyrocketing, this episode is packed with insights and analysis that might change how you view taxes.
In This Episode:
- A deep dive into the taxes that intersect with real estate
- Land transfer tax, speculation taxes, vacancy taxes, and more
- Why taxes are driving up the cost of real estate in Toronto
- Exploring the fiscal conservative approach to taxation and wealth creation
- The political angle: Should we redistribute wealth or focus on creating it?
Timestamps:
00:00 – Introduction
00:06 – Why taxation matters in real estate
01:09 – The hidden costs of land transfer taxes
02:44 – Breaking down the luxury tax and its impact
04:47 – The rise of speculation taxes: Are they fair?
09:53 – Municipal development levies and HST: Driving up prices
16:18 – Capital gains tax: Changes and what it means for homeowners
20:13 – Vacancy tax vs. underused housing tax: Are they effective?
29:52 – Final thoughts: Can taxes and affordability coexist?
Don’t Miss:
- David’s in-depth look at how real estate taxes are structured
- Why taxes might be the biggest obstacle to housing affordability
- The political and economic implications of taxing wealth vs. creating wealth
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