My assessment is in. 688,000 to 877,000. About $50K less than what we paid. So presume we are still about market.
We are two professionals with pretty good jobs with a combined family income above $200,000.
The current housing market and wealth inequality are insane.
I have spent the past decade working in HNW tax in Vancouver. I am very pro-business and pro-wealth preservation. However, I do believe the Principal Residence exemption is far too generous and needs to be modified. Housing is housing and should not be a tax-free investment vehicle. They can introduce replacement property rules if you are buying a more expensive house(simple). However, there need to be some tax on gains with no replacement. For the "have" families multiple hundred thousand gifts to kids are common. Really makes it tough for those that don't come from the same families.
Personally, I'd much rather see some incentives changes. Give some more incentives to builders to build more houses and increase supply. However, we also need deincentives residential investors. That investment money would be way better suited in an industry that creates more economic output. IE instead of buying a rental condo, you took your 100K downpayment and invested in CDN Company that was doing something in Canada. All this investment dollars parked in housing just isn't really helping the broader economy.
