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Vancouver city council passes motion calling for real estate ‘flipping tax’

The provincial government unveiled a suite of new taxes aimed at cracking down on property speculators on Tuesday, but Vancouver City Council says it doesn’t go far enough.

Tuesday’s provincial budget included a new two per cent tax on property speculators, an expansion to the foreign buyers’ tax and hiked the property transfer tax on homes worth more than $3-million.

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That same day, Vancouver’s council passed a motion calling on the province to take two additional steps: a “flipping tax,” and new restrictions on foreign ownership.

The province has already said that a ban on foreign ownership is a no-go. But councillor Adrianne Carr, who proposed the motion, says she’s hopeful the flipping tax could become a reality.

“If we keep building for everybody who has the money, we will never be able to produce the housing at the right level of affordability for those are actually living here,” Carr said.

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