The recent run up in property prices in most major western cities makes me think the home owning class isn't in too bad of a shape. If you own a house in Vancouver, the Bay area, Toronto, London etc. you basically won the lottery. If you are a young adult, well ... hope your parents help you out?

My parents were immigrants and not savvy enough to buy a house. I'm wondering how I can ever afford a 200K down payment on a million dollar house, and if that is in any way a reasonable idea. Taxing income is the wrong approach since people getting income are contributing to society. The lottery winners who happened to own houses in the right place .. I'm not sure what they contributed.

Why don't retired people "reverse mortgage" their house? They have no use for it after they're dead.

If they do, then someone who's going to get that house should foot the taxes.

So exempt the taxation of property up to some threshold. Or one primary residence.

It punishes living in today's homes at today's prices. Downsizing to a smaller abode or choosing between owning vs renting in a retirement community is part of retirement planning.

That situation can be easily handled through reverse mortgages.