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There could also be national versions of B.C.’s property and speculation tax, which attempts to monitor the more extensive foreign ownership that is not tracked by the Canadian Housing Statistics Program. That is, property owned by proxies for foreign nationals and by “satellite families,” whose breadwinners make more than half their income outside the country.
The Canada Revenue Agency could do much more, Yan said, to take part in the kind of inter-bureaucracy information sharing that is supporting B.C.’s speculation tax, which monitors owners not paying their share of Canadian income taxes. “With big data now, there are few excuses for not looking into these loopholes.”
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Nearly 1 in 5 Toronto homeowners own at least two residential properties
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A disturbing new report from The Globe and Mail based on Statistics Canada data reveals that 17 per cent of all Toronto homeowners have at least two residential properties in their portfolio.
Meanwhile, per the last federal census, 33.5 per cent of Toronto residents don t own any homes at all.
While the comparison between these two numbers isn t entirely precise one set of data is from 2019, the latter from 2016 the figures suggest what many in this city already know to be true: Home ownership is a lot more accessible to people who are already wealthy.