The housing market is heating up in Victoria and now B.C.’s capital is calling on the province to step in to cool it down.
City councillor Jeremy Loveday says he hears from residents that rent is unaffordable and there’s almost no hope for home ownership
He says in the last year, housing prices have spiked 20 per cent.
In an effort to cool the market, Loveday says council, with the support of Mayor Lisa Helps, wants to see the government extend a foreign buyers tax to the provincial capital.
“Last numbers I’ve seen are over 5.2 per cent of the purchases are by foreign buyers, and so we’re calling on the province to bring that tax in. And it’s timely, as Ontario has just announced that they’re going to be doing the same thing for Toronto.”
Loveday says while he understands the request won’t be met before the May 9th election, he says he’s hopeful whoever forms government will take action right away.
He says Victoria is one of the three hottest housing markets in Canada, along with Toronto and Vancouver