Housing  affordability is front and centre in the current federal election  campaign, so much so that even policies that haven’t yet been announced —  and may never have been destined for a platform — are courting  controversy.

This week, the Conservatives accused the Liberals  of harbouring a plan to impose capital gains tax on the proceeds from  the sale of a principal residence, a charge the Liberals have flat out  refuted. Currently, income generated from the sale of a principal  residence is exempted fully from capital gains, and removing such an  exemption would be no small matter.

With the issue in the  spotlight again, we thought it was a good time to look back at the  interesting history of the capital gains tax in Canada, and its  particularly significant ramifications for the real estate market.

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