[kennywinker]

> Canada also has a number of programs that make property purchase for new homeowners more affordable by waving some taxes and allowing interest free borrowing from your retirement fund

Some further flaws in the system: I was shocked to find out that the new home buyers tax credit only applies to homes under $500k - which in vancouver means it only applies to a handful of small condos. It's also not poolable, so two first-time buyers going in on a $501k condo are disqualified.

[azinman2]

I thought Cambridge, MA has a great system — the first $250k of any property value is tax free (or at least it was 10 years ago), and property taxes then only go above that. It had the effect of making property taxes cheap for small home, allowing lower income people to have more affordable housing over the long term.

[dublinben]

Homestead exemptions like that are common in most states.[0] Cambridge does have a lower than average residential property tax rate, mostly due to how much commercial development they have. I still wouldn't point to Cambridge as a particular success in terms of affordable housing though.

[0] https://smartasset.com/taxes/what-is-a-homestead-tax-exempti...