The province is thinking over a real estate tax proposed in a UBC study aimed at speculators to address affordability.
Premier Christy Clark says the idea has merit, and would address the empty neighbourhood syndrome as buyers purchase, but don’t live in properties.
But Clark says while the province will look at it, there are problems when it comes to execution.
“Other places that have done it have had a lot of problems. So, it’s one of those things, it’s a good idea; the execution is really hard, so that’s why we’re giving it a very hard look and it may take a little while to work it through.”
The proposal would see a one and a half percent tax on property owners with limited residential or economic ties to the province.
The idea explained
Earlier today Simi Sara spoke with Sauder School of Business Associate Professor Thomas Davidoff, who explained the idea.