It’s tough as many policies to encourage first time homebuyers would potentially penalise renters but for example:
– implement property tax with a waiver for primary residence.
– increase land transfer tax and ensure its also charged upon change of control if it’s held within a propco. Increase the 20k waiver to re fleet changes in prices.
– tax unbuilt land currently zoned as residential. There is rampant speculation and no incentive to sell.
Ironically though, Luxembourg prices are cheap when compared to Vancouver..
Build more. That’s it, it’s that simple. If you want prices to go down, you need to more supply relative to demand.
House prices will rise while Lux explicitly attracts high earners.
At risk of making myself a target, I got an 80pc raise by moving from the UK to Lux. My rent here is >3x what I paid in the UK. Case in point.
And assuming my work goes well, I really have no reason to ever leave.
They should have banned it 5 years ago, when the BCE clearly told governments that the QE would inevitability create a real estate bubble.
I really wish Australia would get rid of negative gearing. I do not know why my tax dollars should go towards someone paying off their 12th property.
Strawman buyers will need to be dealt with
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The problem is that by now, so many households are so deep in debt that any measure that would kill the property bubble would also have very devastating social consequences. Don’t underestimate the power of this to keep inflating. We are not even on 50 year mortgages yet, let alone interest only. In Sweden it is perfectly normal for a couple making 3000 euros each tops to buy a million euro property because mortgages are 100y. Also, it is a joke for most similar markets to be calling 100m2 apartments small and whining about not being able to buy a freestanding house on a 28 year olds salary. In a lot of places that is literally so far out of the realm of possibility that no one would even bring it to a discussion among non-millionaires. People buy 50m2 and think they’re kings. Prices in Luxembourg can easily triple and no one will really be able/willing to do anything about it, if you’re waiting for a discount it might be a long wait…
As if he is not in Power.
Let’s urge Canada, the non-living thing, to do it. Maybe it will. You can do it Canada.
Oh look they are pointing fingers at us foreigners instead of the real problems!
And reddit is eating it up heh
12 comments
Im not envious of the housing situation in canada
It’s tough as many policies to encourage first time homebuyers would potentially penalise renters but for example:
– implement property tax with a waiver for primary residence.
– increase land transfer tax and ensure its also charged upon change of control if it’s held within a propco. Increase the 20k waiver to re fleet changes in prices.
– tax unbuilt land currently zoned as residential. There is rampant speculation and no incentive to sell.
Ironically though, Luxembourg prices are cheap when compared to Vancouver..
Build more. That’s it, it’s that simple. If you want prices to go down, you need to more supply relative to demand.
House prices will rise while Lux explicitly attracts high earners.
At risk of making myself a target, I got an 80pc raise by moving from the UK to Lux. My rent here is >3x what I paid in the UK. Case in point.
And assuming my work goes well, I really have no reason to ever leave.
They should have banned it 5 years ago, when the BCE clearly told governments that the QE would inevitability create a real estate bubble.
I really wish Australia would get rid of negative gearing. I do not know why my tax dollars should go towards someone paying off their 12th property.
Strawman buyers will need to be dealt with
[removed]
The problem is that by now, so many households are so deep in debt that any measure that would kill the property bubble would also have very devastating social consequences. Don’t underestimate the power of this to keep inflating. We are not even on 50 year mortgages yet, let alone interest only. In Sweden it is perfectly normal for a couple making 3000 euros each tops to buy a million euro property because mortgages are 100y. Also, it is a joke for most similar markets to be calling 100m2 apartments small and whining about not being able to buy a freestanding house on a 28 year olds salary. In a lot of places that is literally so far out of the realm of possibility that no one would even bring it to a discussion among non-millionaires. People buy 50m2 and think they’re kings. Prices in Luxembourg can easily triple and no one will really be able/willing to do anything about it, if you’re waiting for a discount it might be a long wait…
As if he is not in Power.
Let’s urge Canada, the non-living thing, to do it. Maybe it will. You can do it Canada.
Oh look they are pointing fingers at us foreigners instead of the real problems!
And reddit is eating it up heh
15 years too late