Spec tax talk intensifies
Okanagan Edge Staff - Sep 12, 2018 - BC Biz

Photo: Contributed

The provincial NDP government is sticking to its guns when it comes to the impending speculation tax, saying it is already having a positive effect on the B.C. housing market.

The NDP issued a press release Wednesday morning indicating 88 per cent of Metro Vancouver residents and 81 per cent of Liberal voters support the tax, according to the Angus Reid Institute, nothing that MLS figures released last week show pre-sale condo prices are flattening.

It also accused the B.C. Liberals of trying to “continue to protect foreign speculators and people sitting on multiple vacant homes.”

“Andrew Wilkinson and the B.C. Liberals’ inaction caused the housing crisis, and their plan to cut taxes for speculators would make it even worse,” Minister of Finance Carole James said in the release. “Instead of letting speculators drive up housing prices, we’re asking people with multiple vacant homes to either rent out their homes or pay a little more.

“Making housing more affordable for everyday British Columbians is the right thing to do.”

The NDP claims that 99 per cent of British Columbians will not pay the speculation tax, which is expected to generate $200 million per year. It added owners of multiple properties can avoid paying the tax by renting out their houses for at least six months of the year.

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