After a week of talk about Vancouver’s sky high real estate prices forcing millenials and seniors to rethink where they want to live…the city’s mayor has asked the province to take action.
Gregor Robertson saying today he has asked Premier Christy Clark to introduce a speculation tax, an idea also brought up by the condo king Bob Rennie.
Robertson says its time to take action to address affordability.
He says its clear real estate speculation is driving prices through the roof and making Vancouver unaffordable for low and middle income earners…not to mention young people.
As for the province the Ministry of Finance isn’t saying yes or no simply noting the government has to be careful in levying any new tax.
The ministry says any new tax would have to be implemented without undermining the equity people have built up in their homes.
It also notes the province is trying to address at least part of the problem with incentives for first time home buyers.
As for when the provincial government might make a decision about this tax idea or any other to try and cool the rising real estate market the ministry of finance says it weighs the risks and benefits of any new tax in preparing for each years provincial budget, which comes down annually in February.