Expanding the foreign homebuyers’ tax to Greater Victoria is one of 32 recommendations by B.C.’s local politicians to try to fix the seemingly intractable housing problem.
The report from the Union of B.C. Municipalities is ample evidence — if more were needed — that we have lots of ideas but no clear solutions to make housing more affordable for ordinary people in Victoria and on the Lower Mainland.
The report suggests the province look at bringing the 15 per cent tax on foreign buyers to Greater Victoria, and possibly increasing it. It’s clear, though, that the tax won’t fix the problem, except possibly in the short term.
After it was introduced in Vancouver, the market cooled for a few months, then climbed again.
It casts doubt on the union’s contention that taxation, coupled with stronger local regulations, is a “winning combination.” The issue, though, is too complex, and there is too much we don’t know.
Many argue that supply is the key. Build more homes and more people will have a place to live.
However, there is a strong argument that lots of houses and condos are being built, but not with ordinary British Columbians in mind. They are aimed at investors from other provinces or other countries.
Municipalities are right to search for answers. They and the provincial government need more information on who owns what, as they try for innovative solutions.
The affordability crisis is one of the toughest our society has faced, and we must keep pushing to get it under control.
