Representatives from the provincial government addressed concerns over their housing speculation tax at the Union of BC Municipalities’ annual convention yesterday.
The tax, which is expected to generate more than 200 million dollars annually, targets foreign speculators and owners of multiple vacant homes in larger urban centres.
According to the provincial reps, the program is just starting to work, with vacant condo rates showing signs of flatlining.
The government claims that the tax will stop speculators from being able to drive up housing costs, hence creating more affordable rent.
4 out of every 5 British Columbians support the tax, according to August polls.