STRONG SUPPORT FOR B.C. HOUSING TAX BUT LOW EXPECTATIONS

An Angus Reid Institute online poll has found that most respondents support a tax on foreign buyers of Metro Vancouver homes, but at the same time doubt how effective the move will be at cooling the region’s red-hot real estate market. Nine of every 10 people who responded to the poll conducted between July 26 and 28 say they support the new property transfer tax. But only six out of 10 believe the initiative will help improve access to the local market for local buyers and increase vacancies for renters. The poll was released Thursday, the same day the B.C. legislature passed a law introducing an additional 15-per-cent tax on homebuyers in Metro Vancouver who aren’t either Canadian or a permanent resident. The new policy comes into effect Aug. 2. The provincial government has been facing increasing pressure to take action to address skyrocketing housing prices across the Lower Mainland. Despite Thursday’s policy change, seven out of 10 respondents believe affected buyers will manage to find loopholes to get around the new tax.