Mayor Gregor Robertson says it’s too early to tell how a 15 per cent foreign ownership tax will affect housing prices in Metro Vancouver.
But he says it’s long overdue.
“It’s good to see particularly in the high end of the market, we need an intervention there. I do believe these interventions should be focused broadly and should be focused on property use rather than specific cases.”
Next steps with vacancy tax
He’s also pleased the province has given its blessing to tax empty homes in the city, and says the province’s role is critical.
“We also need to be sure we have data from the province to administer the tax. It’s the only way it will be fair and efficient. So data like the home owners grant data … B.C. drivers’ license. First and primary address data, and obviously anything related to rental income that’s in the B.C. income tax.”
Robertson says he would like to see the tax in place by next year, and revenues would go to affordable housing.