Realtors Say Spec Tax Won’t Create More Affordable Housing
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The Okanagan Mainline Real Estate Board says the province’s plan to tackle affordable housing is misleading.
President Marv Beer says the speculation tax will target homes worth more than $400,000, and even if these homes were rented or sold to avoid the tax, the housing supply created would not be what is generally considered affordable.
Beer (pictured) says the proposed tax would only have a minimal impact on speculators, who buy and ‘flip’ properties for profit, but would hurt long time home owners.
“Speculators, because they don’t hold a property for long, would be minimally affected by this tax. Instead, it would be the long-time home owner who would pay, year over year, for choosing to spend time and money in BC. Ironically, it’s possible that the tax would encourage speculators to set their sights on homes under $400,000, competing with legitimate buyers for lower cost homes. If the government really wanted to go after speculators, it could apply a levy to homes sold within a short time of being purchased.”
