A “modest price on housing inequity” would be acceptable to 57% of people who already live in million-dollar residences.
According to the Canadian Real Estate Association, the average home price in the country dropped to $756,200 in October, dipping 1.2% from the previous month.
Generation Squeeze estimates its hypothetical housing tax would generate around $5 billion in revenue per year if it were to be enacted.
Many survey respondents expressed even more support for the tax if the additional revenues generated were used to pay for income tax reductions for middle- and lower-earners (43%) or more affordable housing (40%), or to reduce the rise in property prices (38%).
The provinces with the strongest support for the surtax were Atlantic Canada (73%), then Saskatchewan and Manitoba (72%) and Alberta (68%).
