The measure that was implemented in Vancouver last year appears to have accelerated price increases in Victoria, which gained more than 15 per cent in the first three months of this year according to Royal Le Page.
The city wants to introduce a 15 per cent tax without affecting those foreign buyers that want to live and work in the city, but to deter those who are buying for investment only. It also wants a vacant homes tax, the Globe and Mail reports.
More market update:
Real estate speculators are in the sights of city officials in Victoria who have asked the BC government to allow them to tax some foreign buyers.