The City of Colwood has thrown its support behind the provinceB次元官网网址檚 speculation tax as a way to help cool off housing prices in Greater Victoria.
During a meeting earlier this week, council voted not to send a letter as requested by the Victoria Real Estate Board, asking the province to take a sober second look at the unintended consequences the tax could have before itB次元官网网址檚 implemented later this year.
RELATED: Speculation, foreign buyersB次元官网网址� tax wonB次元官网网址檛 solve B.C.B次元官网网址檚 housing crisis: economist
Coun. Cynthia Day supported the speculation tax, noting in other cities around the world where a similar tax was implemented, it was of benefit to the local market.
B次元官网网址淚t didnB次元官网网址檛 solve all their housing affordability problems, but it did a lot towards bringing down prices in a very volatile market,B次元官网网址� she said. B次元官网网址淚 wouldnB次元官网网址檛 want to see anything that supports speculation in housing. ItB次元官网网址檚 very important that we keep housing as affordable as possible.B次元官网网址�
Coun. Jason Nault saw first-hand the effects of people purchasing properties as investments only to have them sit vacant. While waiting for his current house to be built, he rented a house in Colwood and said almost half of the other homes on the street were unoccupied for a majority of the year.
He hopes that will change once the tax is implemented.
B次元官网网址淭here were no people living there and they were not people who contributed much to Colwood,B次元官网网址� he said. B次元官网网址淚 understand this might drive down in the short term prices of existing homes. TheyB次元官网网址檙e ridiculously priced as it stands.B次元官网网址�
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While Colwood is in support of the tax, some municipalities throughout the region are not.
Langford Mayor Stew Young blasted the tax recently calling it a job killer that will only drive housing prices up.
Last week the municipality voted to ask the province to opt out of the tax. Sidney also voted unanimously to ask Premier John Horgan to reconsider the tax and an exemption as well.
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