On Monday, BC Finance Minister Mike de Jong announced changes to the Vancouver charter, to allow the city to implement, enforce, and collect a vacancy tax on the over 10,000 empty properties within the city. This is an attempt to increase the supply of rental housing, which currently sits at 0.6 per cent.
Jordan Bateman of the Canadian Taxpayers Federation explains why this new tax will be almost impossible to enforce.
For one thing, how will "vacant" be defined?
Bateman predicts that some property owners will attempt to game this exercise in social engineering.
There are currently over one hundred taxes, fees and regulations on new home construction in Vancouver.
Why not abolish some of these and put the market to work instead?