B.C. poll shows high support for new real estate taxes despite protests from owners of expensive homes

Posted by Michael La Prairie on Wednesday, June 6th, 2018 at 1:32pm.

VANCOUVER— On June 4, owners of multimillion-dollar Vancouver homes gave David Eby, their MLA, an earful — again — about a property tax increase they will have to pay. It’s one of several new taxes the NDP introduced in an effort to rein in British Columbia’s overheated real estate market.

But despite intense opposition to the tax increase on Vancouver’s Westside, a new poll suggests that a majority of British Columbians continue to support the new measures, especially policies targeted towards foreign buyers.

B.C. poll shows high support for new real estate taxes despite protests from owners of expensive homes

Mario Canseco, president of Research Co., has seen support for real estate speculation taxes remain high through polls conducted in February, April and now May. He wanted to see if recent protests against the school tax increase had “moved the needle.”

“The reality is, it hasn’t really happened,” Canseco said.

In an online survey of 800 British Columbians, Research Co. found 67 per cent of respondents support the 0.2 per cent school tax increase on property valued over $3 million, or 0.4 per cent for the value over $4 million.

The NDP also introduced a “speculation” tax of 2 per cent of a home’s assessed value for vacant homes, which owners can avoid paying if they rent the property out. The poll found that 62 per cent of respondents thought that tax was a good idea.

Three quarters of British Columbians (76 per cent) say they support the B.C. government’s decision to expand the foreign buyers tax to regions outside of Metro Vancouver, while 80 per cent support increasing the tax from 15 to 20 per cent.


Continue reading B.C. poll shows high support for new real estate taxes despite protests from owners of expensive homes on The Star Vancouver website

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