‘Fear and uncertainty’: Out-of-province homebuyers could rush to sell if B.C. slaps speculation tax
Sales of vacation properties in British Columbia have stalled due to fear that buyers will be hit with a proposed speculation tax. This could also cause current property owners to try to sell their properties. About 15,000 properties can be affected by this tax, meant to curb the out-of-control B.C. real estate market. The aim of the proposed tax is to make housing more affordable in Vancouver; however, experts believe it will hurt the province’s economy.