What an empty home tax would mean for Vancouver

Vancouver SkylineReal estate analyst Peter Kinch was interviewed this morning on CTV regarding the proposed new vacant home tax. Should Vancouver have a vacant home tax, or not? Find out in the clip below: 

According to Peter, the media hype surrounding Vancouver’s housing market is increasing the pressure for politicians to do something, but this doesn’t actually address the real issues (i.e. affordability). 

Peter’s counter-proposal would be to create a tax-break on the Property Transfer Tax for anyone who lives or pays taxes in BC and shift the burden of that tax to offshore buyers. That would increase affordability for ‘locals’ while not impacting revenue to the province.

Here’s the link to the interview – feel free to share: http://bc.ctvnews.ca/video?clipId=897612

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