The Union of BC Municipalities has 32 recommendations for the market including expanding the foreign buyers tax to other parts of the province, especially Victoria, and maybe increasing the tax from its current 15%.
Ownership of homes should also be more transparent, the report says, not owners hiding behind companies or trusts.
Taxes could also be used as incentives though, to encourage affordable rental units for example.
The Union is hoping that the BC government will implement some of its recommendations in its budget.
More market update:
A group representing municipalities in British Columbia says taxes are required to address the province’s housing affordability issues.