Scores of angry Canadians send emails to a Canada Mortgage and Housing Corporation (CMHC) consultant who supported a proposed home equity tax. .Freedom Of Information records disclosed that Professor Paul Kershaw of the University of British Columbia received a flood of critical emails from property owners after his report was published. “Go f—k yourself,” wrote one correspondent. “You are a goof,” said another. “You must be joking, buddy,” emailed a third. “How about increasing supply? How basic is that?”.According to Blacklock's Reporter, the CMHC paid $450,000 to fund research and promotion of a tax report by Kershaw and other UBC researchers. The January 5 tax report proposed a $5.8 billion annual tax on home equity. It complained rising home values saw “windfalls gained by many homeowners while they sleep and watch TV.”.Kershaw recently claimed homeowners who paid down mortgages and built up their equity should “demonstrate allegiance” by paying more tax. The remark was obtained by homeowners’ advocates through the Freedom Of Information Act..“It is a wealth tax,” wrote Professor Kershaw. “We think it’s time to ask the 10% owning Canada’s highest value real estate to tolerate a small price on housing inequity in order to demonstrate allegiance to the Canadian dream that a good home should be in reach for what hard work can earn whether in rental or co-op housing or as owners.”.“The politics remain challenging,” wrote Kershaw. His emails were obtained by StepUp, a B.C. homeowners’ advocacy group..Some of the emails sent to Kershaw included homeowners who spoke of “sweat, blood and sacrifice” in paying off modest homes they described as the only equity they would ever own..“Can you imagine four children sleeping on one single bed?” wrote one. “My parents worked hard. They gave us every opportunity that we have now. So you want to tax them?”.“How is that fair or even ethical?” emailed another homeowner: “I have worked and saved for 45 years to pay off my mortgage. I am retired with a modest pension. Inflation is biting into my pension.”.Other emails detailed in 130 pages of redacted records called a home equity tax “terrible,” “radical,” “sad” and “arrogant,” a “stupid idea,” “one of the dumbest ideas I have ever read.” Wrote one homeowner: “I will try not to be insulting but it is difficult.”.Kershaw described reaction to his report as “vitriolic,” adding: “It’s a jungle out there.”.Kershaw insisted an equity tax would narrow “inequality.”.“Folks will fight this tooth and nail,” emailed one homeowner. “Any government that tries to implement this is committing public suicide. Wrong idea at the wrong time in the wrong country. Maybe try Denmark.”.Prime Minister Justin Trudeau in election campaign remarks to reporters on Sept. 8, 2021 said cabinet would never tax home equity..“We will not do that,” said Trudeau. “I am happy to declare very strongly and clearly we will not be doing that.”
