VICTORIA — Almost two-thirds of those who pay the new housing speculation tax will be British Columbians, Finance Minister Carole James admitted Wednesday.
B.C. residents who own several homes will be disproportionally hit. About 20,000 of the 32,000 homes subject to the new tax will be owned by British Columbians and not foreigners or residents of other provinces, James revealed during a debate on her ministry’s spending plans in the legislature.
The homes are in all areas where the area the tax applies — Metro Vancouver, the Capital Regional District (excluding the Gulf Islands), Kelowna, West Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack and Mission.
The revelation brought immediate condemnation from the Liberal Opposition, who said a speculation tax that mostly hits B.C. residents should really be called an “asset tax.”