When it comes to housing strategy, the majority of British Columbians are in favour of the decade-long measures of the Provincial Government, according to a story in Business In Vancouver.
The online survey conducted from October 13 to October 15, among 802 adults in the province demonstrated support for:
• increasing the foreign buyers tax from 15 per cent to 20 per cent (74 per cent agree, unchanged since February 2024
• expanding the foreign buyers tax to areas located outside of Metro Vancouver (73 per cent, up two points
• introducing a “speculation tax” in specific urban areas targeting foreign and domestic homeowners who pay little or no income tax in B.C., and those who own second properties that are not long-term rentals (70 per cent, up one point).
Two-thirds of British Columbians also favour:
• an increase in the property transfer tax from three per cent to five per cent for homes valued at more than $3 million (66 per cent, up four points
• the introduction of a tax of 0.2 per cent on homes valued between $3 million and $4 million, and a tax rate of 0.4 per cent on the portion of a home’s value that exceeds $4 million (also 66 per cent, up four points
• building more modular supportive homes in areas where people are experiencing homelessness (73 per cent, down two points) implementing a three-business-day protection period for financing and home inspections (66 per cent, down three points)
In addition, 74 per cent of the British Columbians who participated in the poll are in favour of the foreign ownership ban for purchasing residential properties that’s in effect nation-wide until 2027.