Mixed messages on B.C.’s efforts to cool the hot housing market
VICTORIA — Real estate experts say the British Columbia government started to build a strong foundation for more affordable housing in Tuesday’s budget, but opinion varies on the expected outcomes.
Finance Minister Carole James is trying to ease the province’s housing crisis by introducing a new tax on property speculators, expanding and increasing a tax on foreign homebuyers and spending $6 billion to build affordable housing over the next decade.
James said she expects to see property values start to drop as her budget measures kick in.
“We’re an amazing province,” she said Wednesday after speaking to the Greater Victoria Chamber of Commerce. “There’s no question people are going to want to live in B.C. But we need to see a moderation and my hope is, by addressing both supply and demand, you’ll see more supply in the market that will ease some of the cost pressures and you’ll see a moderation.”