The CPRI project is dedicated to evaluating the level of property rights protection within Canada’s provinces and territories.
“Due to the importance of property rights to individuals and the economic well-being of a country, the Index is intended to provide a comprehensive measure of the protections that are currently in place,” the summary said.
“This updated version of the index includes seven indicators: land title system, expropriation, regulatory takings (‘down-zoning’), municipal power of entry, civil forfeiture, endangered species, and heritage property.”
This comprehensive evaluation allows for easy comparisons between jurisdictions, providing valuable insights into the current level of property rights protection. Armed with this knowledge, governments, individuals, and organizations can collaborate to ensure sufficient safeguards for property owners.
“Property rights are essential for economic freedom, but in Canada, some provinces and territories often lack the protections that are necessary for the proper safeguarding of rights,” the summary said.
“The revision reveals a distinct east-west dimension in the results, with the provinces from the West dominating the rankings.”
Although Nova Scotia came second in the rankings, the Atlantic provinces stayed at the bottom of the index.
Limiting government and educating the public to demand better rights protection is key to protecting title holders, the summary reported.
In addition to enshrining property rights into the Canadian constitution, measures were recommended to control regulatory takings and to set up an organization to monitor, educate, and protect property rights.
The policy centre concluded by arguing that if the recommendations are implemented, they have the potential to significantly enhance economic freedom and prosperity for all Canadians.