B.C. is already taxing foreign residents an onerous 20 per cent to purchase homes in the province, yet these same homes are not being purchased by B.C. residents.
The speculation tax is not going to make these units any more affordable for B.C. residents. What the provincial government needs to do is require that all new construction include a percentage of units priced at affordable levels, in order for developers to get building permits. This will insure that BC residents get affordable housing.
The other units will be priced at levels that will subsidize the affordable housing units, at no cost to B.C. taxpayers.
We should allow foreign buyers to purchase these units without applying the speculation tax and restrict the number of units bought in a building to one. This eliminates speculators.
Grandfather those foreign and non-B.C. Canadian purchasers that have owned homes in B.C. for more than 10 years and not impose the tax on them. If there needs to be a speculation tax, impose it on those owners with multiple units in a building.
This is a much more fair approach to the problem and will help to immediately create affordable housing where needed.