Most British Columbians are skeptical about the new real estate foreign buyer tax, saying they do not believe it will have the desired results, according to the results of an Insights West poll released September 14.
Sixty-eight per cent of B.C. residents say the 15% tax on Metro Vancouver home purchases by foreign buyers will not be very successful at making it easier to buy a home. This includes 33% of all respondents who say it will not be successful at all.
As well, 73% said they have little or no confidence in the B.C. government’s plan to reinvest the tax proceeds into projects that promote affordability.
Despite this skepticism, most survey respondents—76%—still support the tax. Only 17% oppose it and 7% say they are undecided.
“While British Columbians of all political stripes are in favour of the foreign buyer tax, they are also united in doubting its efficacy,” said Insights West vice-president of public affairs Mario Canseco.
“The promise of revenue going into a special housing fund to be spent on affordability projects is currently unconvincing, even for the government’s supporters.”
So why do they still support the tax, even thought they are skeptical it will do anything to benefit them? Canseco said respondents likely feel those foreign buyers are people who have a lot of money to spend, so they can afford to spend more. The skepticism could be because respondents don’t feel as though the government has fulfilled promises it has made in the past, for example the idea of LNG being a major economic driver in the province, Canseco said.
“It’s up to the government to show how the tax will benefit British Columbians.”
Support for the tax is highest among those who voted NDP (81%), followed by those who supported the Green Party (79%) and supporters of the Liberals (74%).
LISTEN: From July 26: BIV on Roundhouse Radio hosts discuss the foreign buyers tax
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