The proposal that homeowners who pay no tax in BC should face a 2% tax on their vacant homes are overwhelmingly supported by those who live in the province.
A survey by Insights West found that 81% of respondents back a ‘speculation tax’; 82% agree with increasing the foreign buyers’ tax to 20% (from 15%) and 81% agree that it should be extended to areas outside Metro Vancouver.
“In January, Insights West reported that concerns about housing, homelessness and poverty had jumped to the highest level recorded in the province over the past five years,” says Mario Canseco, Vice President, Public Affairs, at Insights West. “The budget proposals that deal with real estate are supported by a large majority of residents, and especially among those aged 35-to-54.”
Three quarters of respondents said that taxing homes valued above $3m at 5% (up from the current 3%) is a “good” or “very good” idea.
When asked about the impact of the overall budget on their own household, residents are split, with 38% saying it will be positive and 35% expecting it to be negative.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: