A new poll shows Metro Vancouver residents overwhelmingly support a pair of new taxes meant to cool the housing market.
Shachi Kurl with the Angus Reid Institute says 90% back the new 15% tax on foreign investment while 87% support an empty homes tax.
“At the same time though, there is I think a big question mark in the minds of metro vancouverites as to whether or not these things will actually have any effect on cooling the market and increasing access to housing.”
Kurl says a full 7 out of 10 expect buyers to find loopholes allowing them to dodge the measures, while 8 in 10, including three quarters of B.C. Liberal voters said the government waited too long to take action.
She says according to most, it’s just a first step.
“That doesn’t mean that the pressure valve that the BC Liberals have managed to release by bringing in these measures go so far as to convince Metro Vancouverites that the problem is solved. In the minds of people in this region, the problem is not solved.”
An even more shocking number?
43% say they want to see housing prices plummet by a full third or more.
But Kurl says that doesn’t mean people want to see a crash.
“I think perspective is important in that where was the market 30 percent ago? Are we really just talking about going back to the housing price levels of five years ago or six years ago?”
Kurl adds those hoping for a correction are steeply divided, with 7 in 10 being renters, while just 2 in 10 owned their own home.