Majority of Canadians in favour of taxing homes over $1M: Survey

The majority of Canadian residents are calling for a surtax on homes valued above $1 million amid high housing costs, according to a Generation Squeeze survey.

A survey released on Monday found 62 per cent of respondents would support a “modest surtax” on homes valued above $1 million, which makes up 10 per cent of Canada’s housing market.

Of those currently living in million-dollar homes, 57 per cent said they would be in favour “putting a modest price on housing inequity.”

In a report released Tuesday, the Canadian Real Estate Association said the average home price in Canada fell to $756,200 in October, down 1.2 per cent from the previous month.