Today in the Financial Post, renowned economist Jack Mintz published a scathing analysis, confirming what we’ve been saying all along: Canmore’s “Livability Tax” will make housing LESS affordable, not more.
Mintz’s analysis resulting in the following key findings:
- Vancouver’s similar tax converted only 0.1% of vacant homes while prices still rose by 30%.
- The $10M raised by the Town will add just 0.2% to Canmore’s housing stock.
- Higher taxes discourage new construction, worsening the housing crisis over the long-term.
Mintz’s conclusion? “More taxation won’t solve the affordability problem. The only policy that works is build, baby, build.” Read Jack Mintz’s analysis in the Financial Post: https://financialpost.com/opinion/canmore-livability-tax-will-increase-house-prices