Dear Premier Clark,
I'm writing to thank you for introducing the foreign buyer's tax in Metro Vancouver Area.
Looking back into the recent history, Vancouver's housing price has been pushed up significantly by foreign buyers, to be more specific, by non-resident Chinese buyers. As a person immigrating from China, I fully understand that this is caused by the unique political situation in China. That situation won't improve in the foreseeable future.
The new tax is a success as it receives expected result in Vancouver. However, Chinese buyers are switching to other areas, such as the CRD area. Brokers are listing Victoria's houses in websites in China. Given the fact that Victoria has already been the second least affordable city in Canada, it's just going to be worse.
We welcome foreign investment. However, foreign investment should be limited on business only, such as setting up high-tech companies, factories, etc., which would create new jobs for British Columbians.
Buying residential houses is not helping our economy. It does not create jobs. It only pushes up house prices and takes away British Columbians' opportunities of owning a home.
In order to bring the housing market back to a healthy status, I'm requesting the following further actions by the Government of British Columbia:
1, To expand the foreign buyers' tax to province-wide of BC;
2, To introduce an extra property tax on properties owned by foreigners;
3, To introduce a speculation tax on property flipping.
Thank you again for thinking of us British Columbians.
Thank you for taking the time to share your recommendation to expand the changes to the Property Transfer Tax in British Columbia. We appreciate your taking the time to write.
On your behalf, we have shared a copy of your message with the Honourable Mike de Jong, Minister of Finance. His staff will ensure that your comments are included in any upcoming, related discussions.
Thank you, again, for writing.
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