Finance Minister Carole James says the Speculation and Vacancy Tax is working the way it was intended.

The tax was brought in to tackle the housing affordability issue, targeting foreign and domestic speculators who own residences in BC but live outside the province. 

James says the tax is working the way it was designed, resulting in an eight per cent drop in housing prices. James says 99.8 per cent of British Columbians are NOT paying the tax.

The money that is being collected - 115 million dollars so far - is going into the "housing initiatives account" which communities can access to put towards new housing projects. 

 

Guest: Tom Davidoff

Economics professor at the UBC’s Sauder School of Business

Finance Minister Carole James says the Speculation and Vacancy Tax is working the way it was intended.


The tax was brought in to tackle the housing affordability issue, targeting foreign and domestic speculators who own residences in BC but live outside the province. 


James says the tax is working the way it was designed, resulting in an eight per cent drop in housing prices. James says 99.8 per cent of British Columbians are NOT paying the tax.


The money that is being collected - 115 million dollars so far - is going into the "housing initiatives account" which communities can access to put towards new housing projects. 


 


Guest: Tom Davidoff


Economics professor at the UBC’s Sauder School of Business