Vancouver real estate: Why multi-million dollar home owners are crying poor

Posted by Michael La Prairie on Tuesday, May 8th, 2018 at 12:41pm.

A B.C. surtax on properties worth more than $3 million has owners
hopping mad, and tinkering with it won’t appease them

 Vancouver real estate multi-million dollar home owners

Owners of multi-million dollar homes are probably not going to endear themselves to the public
by pleading financial hardship. Nevertheless, more than 100 Vancouver residents 
gathered in a park last week to protest a surtax introduced by the provincial NDP government
on homes worth more than $3 million. They wielded signs claiming the government “wants to
confiscate your hard-earned home savings!” The tax, they said, is “unfair,” “exorbitant” and “predatory.”

The academic who first raised the proposal is not swayed by the blowback. “A lot of these claims just
stretch credulity,” says Rhys Kesselman, a professor in the School of Public Policy at Simon Fraser
University. But he does think the government should rethink at least one aspect of the controversial levy.


Continue reading Vancouver real estate: Why multi-million dollar home owners are crying poor on Macleans website

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