The tax upon tax upon tax that was implemented to make housing in B.C., and in Vancouver in particular, affordable is having the opposite effect. It all started with the City of Vancouver’s empty home tax which was designed to bring up to 10,000 empty homes into the rental market.
The prediction appears to have significantly missed the mark. Currently the City of Vancouver has devoted more than $10 million to a program that may turn a few hundred empty or under-utilized homes into rental units.
The provincial government of Christy Clark jumped on the bandwagon and imposed a foreign buyers tax which is being challenged in the courts as unlawful and discriminatory.
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The John Horgan government, sensing the time was right to continue to meddle in the market, added not one but two new taxes with the objective of cooling the market and making housing more affordable.
It’s true, the market for homes over $3 million has cooled. But at the same time, the condo market is ablaze, making the only affordable housing less affordable.
We invited planner, developer and commentator, Michael Geller, to join us for a Conversation That Matters about the crisis that continues to unfold in B.C.’s real estate markets.