Lower house prices better for owners

Re: “‘Job killer’: Langford joins chorus against tax,” April 5.

There is a housing problem in many parts of B.C. due to the high price of houses. It was determined that this was partly due to people using the housing market as if it were the stock market.

To stop this trend, the government brought in the speculation tax. This has resulted in people complaining about having to sell their second homes and that their houses are dropping in value. It sounds as if the tax is doing exactly what it was designed to do.

The people who are complaining have been treating a house as an investment, the same as Apple stock. The only reason you buy a second house, even if you plan to move into it some time in the future, is because you think it is a better investment for your money than what you can get elsewhere.

The councillors in Langford think that falling house prices will result in people not wanting to build houses.

If I were building a house to live in, I would prefer it to cost less, not more.

I suspect the real reason for the councillors’ concern was buried halfway through the article: “The implementation of this tax negatively impacts the City of Langford’s economy, revenue and tax income.” In other words: Lower house values equal lower property taxes.

For homeowners, lower property values with lower taxes is a good thing, unless, of course, you are thinking of your house only as an investment and not a place to live.

Barry Leslie Victoria