Politicians and city planners at a Union of BC Municipalities housing conference this month heard of some tools needed to counter the presence of persistent speculation in the housing market.
Taxing wealthy property owners, who declare little income, and funnelling more public funds and land into subsidized home construction may take the sting out of persistent speculative housing investment in B.C., according to some familiar experts in this province.
Davidoff resurfaced his 2022 study in the Canadian Tax Journal that asserts wealthy residential property owners, especially in Greater Vancouver, are more likely than not to be getting a discount in providing for their fair share of social benefits . Davidoff and colleagues have hence proposed a one per cent property surtax on the priciest top five per cent of properties. Income taxes paid would offset the surtax, with several exceptions, such as seniors on pensions.
Statistics show B.C. has been building more housing units over the last five years , compared to the two decades preceding, with new completions between 35,000 and 40,000 annually. This includes an approximate doubling of rental construction. “For me, the bigger question is not necessarily that investors have contributed to disfunction in the housing market, they’ve just been …capitalizing on what the market has allowed them to do,” said Atkey, noting about one in five new homes built 40 years ago was under a non-profit arrangement.
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