Applaud BC's Speculation Tax
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The BC Government has proposed what they call a "Speculation" Tax in their 2018 Budget. Oh silly me. No quotes needed, since that is exactly what it is.
The objective of this tax is to prevent foreign real estate owners from driving up the price of BC real estate by purchasing BC real estate. Affluent Canadians are petitioning against this tax because they say all it will do is leave homes vacant (oh silly me, they are already vacant), to then be sold to "real" foreign investors.
They are upset that they will now have to pay a tax on their holiday homes in BC, while residing and owning another home (or more) outside of the province. Many of these homes might have been bought 5,10,15 years ago. Bought for hundreds of thousands and now worth million. A literal lottery winning. Some are upset that their retirement nests are now being taxed. There is a very simple way to avoid this tax though. Rent out the home. They refuse to do this though and think they should be exempt because they spend a few weekends there and spend "thousands" there. But you know who would add even more to the local economy? A full time renter who would add tens of thousands to the local economy, or an owner living in BC. BC is not the first place in the world to do this. Yes it was previously acceptable to live this way, but we did not have a housing crisis before. This petition is to thank the NDP for finally doing something about the housing crisis that the BC Liberals were reluctant to do.
I am one of the BC residents who currently cannot afford a home, despite making much more than the average wage for Vancouver.
BC Residents: Please sign this petition. Us BC residents want to one day be able to afford a home but we cannot afford to allow affluent Albertans use of BC as a holiday resort, which has more than quadrupled our housing prices over the past decade. If they sell, (which they wouldn't have to, they could rent. Even if they HAD to sell, they would have the luxury of having ANOTHER full home to live in), we not only have better chances to have a single home, but we open up another revenue stream for the province by having an occupied home all year instead of a place with a high spender for a few weeks out of the month. Who will buy these homes? A BC resident? Probably.
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