Speaking to BNN, the former chief economist of the World Bank said that Canada’s best way to avoid a housing bust and tackle the “very disturbing” inequality in the market, is by taxes.
Capital gains tax on high-priced homes together with tax and policies on vacant homes should be used by officials in order to prevent the damaging effects of unaffordable housing, Stiglitz said.
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Those selling higher-priced homes should be taxed on the profits according to Nobel Prize-winning economist Joseph Stiglitz.