Retirees, out-of-province residents calling B.C. ‘speculator tax’ unfair
VANCOUVER — When Rick Smith’s son decided to move from Yukon to Victoria for college he bought him a condominium to avoid high rents, but a new provincial tax means the property may turn out to be more of a financial burden than anticipated.
“Our contribution to his future is to put a roof over his head during his studies,” Smith said Wednesday. “This bloody tax is pushing us against the wall.”
Finance Minister Carole James released details of what the government is calling a speculation tax on Monday that predominantly affects properties owned by non-B.C. residents.
James said the tax is intended to improve housing affordability in areas where the need is most acute, while exempting rural cabins and vacation homes.