The BC govt has targeted out-of-province Canadians and retired British Columbians, along with foreign buyers as the cause of rising housing prices.
Pensioners living in older homes on expensive land, which often cannot be subdivided, are having their taxes boosted by thousands of dollars through the School Tax, which goes to general govt revenue, not education.
Out-of-province Canadians with retirement/vacation homes in Victoria will see such high tax increases, they are cancelling purchases and homebuilding projects, costing local skilled jobs.
This govt tax spree will not improve housing affordability, best accomplished through responsible regional planning in Greater Victoria.
Out-dated concepts of density, inefficient permit processes and anti-development groups add significantly to high prices. A recent CD Howe Institute Study confirms govt regulations have boosted housing prices by 50% in Vancouver and more than 20% in Victoria.
But rather than address real obstructions to supply, the province puts the blame squarely on homebuyers.
From 2003 to 2005, housing prices increased 41% after a period of stagnation. Nobody blamed pensioners, out-of-province Canadians or foreign buyers.
Historically, prices jump after stagnation, experienced again from 2009 – 2015.
Also contributing to high prices are municipalities boosting their permit fees by double digits, some receiving $1 million surpluses from inspections.
The BC govt’s failed self-determination policy for municipalities is a major cause of high prices.
An amalgamated CRD would increase housing supply and efficient transportation, create skilled jobs and boost the economy, including govt revenue.
It’s a far more effective measure than blaming pensioners and possibly taxing BC into a recession.