Victoria Council supports foreign buyers/vacancy tax

Victoria Council has passed a motion in support of trying to get a foreign home buyers/empty homes tax implemented throughout the CRD.

The motion was proposed by Councillors Jeremy Loveday and Ben Isitt  who say a 15% property transfer tax on purchases by foreign buyers in Vancouver has helped put the brakes on rising home prices. Vancouver also brought in a similar tax on vacant homes, although that tax is facing a court challenge.  The councillors argue applying such policies in a single region has negative impacts on other marketsd, including the Capital region.

This does not mean Victoria is implementing such taxes, just that they will lobby the Regional District to approach the province about doing the same thing.

The vote passed 5 to 3, with councillors Chris Coleman, Margaret Lucas, and Geoff Young opposed.

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