{"id":78153,"date":"2024-07-09T05:00:10","date_gmt":"2024-07-09T12:00:10","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78153"},"modified":"2024-07-05T13:55:58","modified_gmt":"2024-07-05T20:55:58","slug":"canada-housing-crisis-land-value-tax","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/canada-housing-crisis-land-value-tax\/","title":{"rendered":"Canada Can\u2019t Fix Its Housing Crisis Without a Land Value Tax"},"content":{"rendered":"

\"\"<\/em><\/p>\n

This article was co-authored with Floyd Marinescu and was o<\/span>riginally published<\/a> in the Toronto Star on June 22, 2024.<\/em><\/p>\n

Canada faces a housing crisis, with median <\/span>home prices in Canadian metros<\/span><\/a> reaching $788,000, and soaring to $1.17 million in Toronto. This has made the dream of owning a home unattainable for most, while <\/span>many renters struggle to afford their housing payments<\/span><\/a>.<\/span> With a <\/span>shortfall of 3.5 million housing<\/span><\/a> units needed to restore affordability, the need for a solution has never been more urgent. Single family homes that sprawl into the suburbs and exurbs are not an affordable or sustainable solution because commuting to the city via car comes with significant financial and environmental costs. Canada needs more housing in the places where people need to work and want to live, and implementing a land value tax will incentivize such development.<\/span><\/p>\n

The Only Solution: Build More Housing<\/span><\/h2>\n

Increasing the supply of homes is the only way to sustainably lower housing costs for homebuyers and renters. Programs that assist homebuyers or renters subsidize demand, which drives home values higher by increasing the prices buyers and renters are willing to pay. For example, Canada recently announced that first-time home buyers who can’t afford the usual 20% down payment will be able to get <\/span>30-year mortgages<\/span><\/a>. This change boosts their buying power by over $50,000. However, because the loan is stretched over an extra five years, homeowners will end up paying much more in interest in the long run. Cash strapped buyers who are competing against the wealthy for homes will take on this debt because they don\u2019t have viable alternatives.\u00a0<\/span><\/p>\n

To solve the housing crisis, we must build more housing units where they are needed most. It doesn\u2019t make sense for a plot of land near transit, job opportunities or education opportunities to be occupied by a single family when it could be occupied by multiple families via the addition of more units. However, current incentives discourage residential landowners from densifying housing on their land. Property taxes are based on the market value of the land and any structures on it, making an empty or underdeveloped plot of land less expensive to hold than a duplex, condo or apartment building. This tax structure creates a distortion in incentives that makes it profitable for landowners to leave land underdeveloped.<\/span><\/p>\n

Fix the Incentives With a Land Value Tax<\/span><\/h2>\n

Nearly all politicians and housing advocates point to the need for broad regulatory and zoning reforms, such as stronger protections for renters and the elimination of single-family zoning. While necessary, if such plans are not paired with a land value tax, they will not address the incentives which make holding homes on underutilized land more profitable than developing it.<\/span><\/p>\n

In metros like Toronto, the population density is going <\/span>down in old neighborhoods adjacent to the downtown core<\/span><\/a>, many of which are already zoned for more density, despite the land being in the best proximity to jobs and amenities. <\/span>A land value tax would fix this problem by encouraging the building of more housing where it is needed most. Taxing the appreciating component of a property–the land–rather than its depreciation component–the structure–ensures that investor dollars seek higher productive returns from building homes.\u00a0<\/span><\/p>\n

A modest land value tax would make it less profitable for investors to outbid families to buy and hold existing homes or to withhold valuable land from the market while waiting for values to increase. This type of land value tax would also provide landowners or homeowners with a financial incentive to construct more housing units on their high-value, underutilized land or sell their property to someone who will. <\/span>It might seem callous to suggest that homeowners on underutilized land be financially encouraged to move, but the reality is that one of the main culprits for the housing crisis is a misallocation of land.\u00a0 We need to fix that misallocation to ensure that every Canadian has better and more affordable housing options in their communities.<\/span><\/p>\n

Supporting Low-Income Homeowners<\/span><\/h2>\n

Generations of Canadians have enjoyed their home as the best, safest, and most tax-privileged investment they can make, but <\/span>the homeownership rate leveled off at around 68% two decades ago<\/span><\/a>. For the last twenty years, the remaining third of Candians have been locked out of homeownership by exorbitantly high prices. Among existing homeowners, <\/span>low-income families tend to own much more land<\/span><\/a> value relative to their incomes. Under this reality, the necessary step to revise this incentive–taxing land–would hurt low income property owners the most. For the majority of British Columbia homes, for example, the value of the land the house sits upon accounts for more than 60% or more of the home\u2019s value.<\/span><\/p>\n

Therefore such a reform should return its revenues to families who have been harmed not just by the tax change, but to all the low-income households who have suffered under years of exorbitantly high housing costs. For instance, according to <\/span>Common Wealth Canada<\/span><\/a>, conservative estimates show that land value revenues from residential land rebated to households would see the bottom 60% of families left better off.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

A Call to Action: Empower Municipalities to Lead the Way<\/span><\/h2>\n

Canada’s housing market crisis demands bold and innovative solutions. By taxing land rather than buildings, we can incentivize much-needed housing development and ensure a fairer distribution of the land’s value. Provinces should empower municipalities to modify tax codes and experiment with a land value tax. Combined with policies to support low income households, this approach facilitates a comprehensive solution to restore housing affordability. It’s time to act decisively and create a sustainable, inclusive housing future for all.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This article was co-authored with Floyd Marinescu and was originally published in the Toronto Star on June 22, 2024. Canada faces a housing crisis, with median home prices in Canadian metros reaching $788,000, and soaring to $1.17 million in Toronto. This has made the dream of owning a home unattainable for most, while many renters […]<\/p>\n","protected":false},"author":13160,"featured_media":78070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Her insights have been featured on 60 Minutes, CBS Evening News, as well as in the New York Times and Washington Post. Prior to joining Redfin she was a senior economist at Amazon working on problems related to employee engagement and managing a team of analysts. During the housing crisis, Daryl worked as a researcher at the Boston Fed studying why homeowners entered foreclosure. Daryl received her Bachelor's of Science from the Massachusetts Institute of Technology and received her Ph.D. and Master's degrees in economics at the University of Chicago where she specialized in behavioral economics. Follow Daryl on Twitter @FairweatherPhD.","sameAs":["https:\/\/x.com\/fairweatherphd"],"url":"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13160"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=78153"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/78070"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=78153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=78153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=78153"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=78153"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=78153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}