Poll finds strong support for foreign home tax

Government waited too long to intervene in white-hot real estate market: survey respondents

An Angus Reid Institute online poll has found strong support for government intervention in the real estate market.

An Angus Reid Institute online poll has found strong support for government intervention in the real estate market.

A new online poll shows Metro Vancouver residents overwhelmingly approve of the province’s new 15 per cent transfer tax on foreign buyers of local homes, but they have doubts about how effective it will be in cooling the white-hot real estate market.

The Angus Reid Institute poll found 90 per cent of Metro residents support the new tax, which triggered a rush to complete affected deals ahead of the Aug. 2 effective date.

But 71 per cent predicted affected foreign buyers would still find loopholes to dodge the new tax and relatively few said they believe it will be highly effective at bringing down home prices or opening up more housing inventory.

And 82 per cent of those surveyed said the provincial government should have intervened in the housing market sooner. That included 77 per cent of those who voted BC Liberal in 2013.

More than seven out of 10 respondents described the government’s new measures as “a step in the right direction” but only three per cent say they’re enough.

The poll underscores what previous surveys have found: housing prices, affordability and real estate are a dominant issue facing the region.

Angus Reid officials said two-thirds of Metro residents are dissatisfied with the government’s response to the housing crisis, possibly because of its perceived lateness and incompleteness.

Respondents were nearly three times as likely to say the high real estate prices were hurting them as helping them.

Large majorities said the hot market today is a net negative for their local communities and the region as a whole. While 64 per cent would welcome a correction of at least 10 per cent that drops to 42 per cent who would cheer a major crash of 30 per cent or more.

A further 87 per cent would support their local municipality seeking the power to tax vacant homes, as Vancouver council has proposed.

The B.C. government on Thursday passed legislation to create the 15 per cent tax on residential real estate purchases by foreign nationals. For those buyers, it would add $300,000 to the cost of a $2 million home.

The most recent data released by the province shows 10 per cent of homes sold in Metro Vancouver were bought by foreign nationals. If that pace continued, the new tax would generate $1.4 billion in revenue for housing initiatives.

The province has also legislated an end to self-regulation by the real estate industry, and has enabled a tax on vacant properties by the City of Vancouver.

Just Posted

Police tape is shown in Toronto Tuesday, May 2, 2017. Statistics Canada says the country's crime rate ticked up again in 2018, for a fourth year in a row, though it was still lower than it was a decade ago. THE CANADIAN PRESS/Graeme Roy
CRIME STOPPERS: ‘Most wanted’ for the week of June 13

Crime Stoppers’ weekly list based on information provided by police investigators

Madalyn Clempson, 18, of Chilliwack sings ‘Hiney Yamin Ba-im.’ She won the Intermediate Vocal Canadian Music award at the Performing Arts BC Virtual Provincial Festival. (YouTube)
Chilliwack youth bring home awards from provincial performing arts festival

Chilliwack’s 18-year-old Madalyn Clempson ‘a bit stunned’ to have won Intermediate Vocal Canadian Music

These three kittens, seen here on Thursday, June 10, 2021, are just some of many up for adoption at the Chilliwack SPCA. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Find Me My Furever Home – Three kittens at the Chilliwack SPCA

Kittens were in ‘rough shape’ when they came into the Chilliwack SPCA, now ready for adoption

Jacqueline Pearce and Jean-Pierre Antonio received the BC Historical Federation Best Article Award on Saturday for their story about translating haiku written in the Tashme internment camp.
Article chronicling haiku in Japanese internment camp near Hope wins award

Tashme Haiku Club’s work was preserved and recently translated, authors write

Two-year-old Ivy McLeod laughs while playing with Lucky the puppy outside their Chilliwack home on Thursday, June 10, 2021. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Chilliwack family finds ‘perfect’ puppy with limb difference for 2-year-old Ivy

Ivy has special bond with Lucky the puppy who was also born with limb difference

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

Indigenous Services Minister Marc Miller is seen during a news conference, Wednesday May 19, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Indigenous child-welfare battle heads to court despite calls for Ottawa to drop cases

Feds are poised to argue against two Canadian Human Rights Tribunal rulings

The Great Ogopogo Bathtub Race has been held in Summerland as a fundraising event. Do you know which Canadian city introduced this sport? (Black Press file photo)
QUIZ: A summer’s day at the water

How much do you know about boats, lakes and water?

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A million-dollar ticket was sold to an individual in Vernon from the Lotto Max draw Friday, June 11, 2021. (Photo courtesy of BCLC)
Lottery ticket worth $1 million sold in Vernon

One lucky individual holds one of 20 tickets worth $1 million from Friday’s Lotto Max draw

“65 years, I’ve carried the stories in my mind and live it every day,” says Jack Kruger. (Athena Bonneau)
‘Maybe this time they will listen’: Survivor shares stories from B.C. residential school

Jack Kruger, living in Syilx territory, wasn’t surprised by news of 215 children’s remains found on the grounds of the former Kamloops Indian Residential School

A logging truck carries its load down the Elaho Valley near in Squamish, B.C. in this file photo. THE CANADIAN PRESS/Chuck Stoody
Squamish Nation calls for old-growth logging moratorium in its territory

The nation says 44% of old-growth forests in its 6,900-square kilometre territory are protected while the rest remain at risk

Flowers and cards are left at a makeshift memorial at a monument outside the former Kamloops Indian Residential School to honour the 215 children whose remains are believed to have been discovered buried near the city in Kamloops, B.C., on Monday, May 31, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Pick a Sunday:’ Indigenous leaders ask Catholics to stay home, push for apology

Indigenous leaders are calling on Catholics to stand in solidarity with residential school survivors by not attending church services

Most Read