Residential property values are rising through the roof in many Canadian cities.
This has meant windfall profits for some while a great many find it nearly impossible to afford housing of any type.
Canada鈥檚 economic well-being is dependent upon the healthy functioning of its communities, especially its larger cities.
Healthy communities require a broad range of people with regard to age, skills, cultural origins and economic status.
What does the future hold if the young or the modestly-paid are forced to leave a community to seek a place they can afford?
| Dr. David Arnold leads the discussion for October's Philosophers' Caf茅. (Photo by Peter Schwarzhoff) |
Real estate transactions on primary residences receive exemption from capital gains taxation that in many cases have transformed home ownership from its primary function of providing the necessity of shelter into an instrument of tax-free wealth creation making the buying and selling of real estate an anomaly in the general marketplace. The long-standing nature of this tax exemption has encouraged Canadians to rely frequently on the proceeds from these sales as a significant portion of their retirement income.
What would be the effect if the Canadian government were to enact a graduated capital gains tax on sales of primary residences? Perhaps set at 80 per cent if resold within two years and being reduced by 20 per cent after each two year period.
Join us as Dr. David Arnold leads us into a discussion that Canada鈥檚 lands should not be for sale for personal profit but rather should be viewed as a finite national resource.
David Arnold resides in Comox. He has a keen interest in public policy. His formal expertise is in health care.
Join us Wednesday, Oct. 4 from 7-8 p.m. at Berwick and help us explore radical ways to meeting the challenge of housing affordability.
This is the latest in a free speaker series held once per month where a speaker will introduce a theme to the Caf茅 and then all who attend can join in respectful, non-partisan conversation 鈥� or just sit back and listen. Organizers welcome the public to propose topics and introduce them at future Caf茅s. Themes should be of broad interest and national significance, and have an element of controversy.
At this session, Dr. David Arnold will have just 10 minutes to introduce the topic, and then the floor is open for 50 minutes of moderated discussion.
The October Philosophers鈥� Caf茅 takes place Wednesday, Oct. 4, 7 p.m. at Berwick Comox Valley, 1700 Comox Ave., in the community room.
There is no admission fee.
