When the NDP (current BC provincial government) calls a non-resident tax a speculation tax.
Joannah Connolly writes a clear argument of what the so called "speculation tax" really is. Carol James, the finance minister, states the "empty home tax" will only apply to non-resident owners who do not rent out or live in the home, it is essentially a B.C.-wide empty home tax.
How many people can afford to rent a $2 million plus property? Does legislation require market rent? Can a non-resident agree to rent at below market rent? To a friend? "Hi Jane. I've got a $5 million Vancouver condo. Would you like to "rent" it for $100/month and "stay" in it for a year? I'll pay you $100/month for managing it for me. Thanks."
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