Premier David Eby has been clear that speculators are in his crosshairs, and with the 2024 budget his government has announced details of a new 'BC Home Flipping Tax.'
I would agree with a cap of 2 detached houses per person/couple.
Rent is not just for apartments, some people have families and need to rent as well, due to work and other life conditions. Can’t easily house 2 adults and 3 children in an apartment.
Just ban corporations from owning homes for “investing”.
Also make a cap on the number of single family homes one person can own. Rent is for apartments.
Eh, instead of a ban an exponentially increasing tax would probably be just as effective a discouragement and better account for weird edge cases.
For every house beyond 2 houses, it taxes all of your houses 20% of the value of the house per year.
3 houses: 20% each
4 houses: 40% each
5 houses: 60% each… and so on.
I would agree with a cap of 2 detached houses per person/couple.
Rent is not just for apartments, some people have families and need to rent as well, due to work and other life conditions. Can’t easily house 2 adults and 3 children in an apartment.
This, but the government also has to be active in closing loopholes as people discover them, and make sure people know that’s their plan.