After reading the article in the May 10 Saanich News about UBC’s Paul Keyshaw advocating for a surtax on homes valued at over $1 million, I had several questions.
The first is, does Mr. Keyshaw believe every owner of such a house paid for it with the loose change sitting in their sofa cushions, rather than using 90 per cent of every paycheque to pay down their mortgage for the last 10 years, well before their house was actually valued at that price?
The second question is will this surtax be on top of current rampant inflation causing working people’s effective salary to decrease in value while our home values and municipal taxes continue to rise? The third question is how are fixed-income retirees made richer on an annual basis, as Mr. Kershaw describes, when they have to sell their home of 40 years and move into an apartment because they can no longer afford additional taxes.
Of course, he has solved that issue by allowing deferred payments until the time of sale or inheritance. So, now your family has to sell your property instead, because they can’t afford the huge tax bill. Congratulations Mr. Kershaw, I believe you have finally cracked the code for home ownership. No one is allowed to own a house anymore unless it stays the same price at which you bought it.