(Joint with Jens von Bergmann and cross-posted at Mountainmath)
TLDR: Combining our two major sources of data on the “foreignness” of property owners suggests at least half of those owning property in high demand parts of BC but living outside of Canada are Canadian citizens or permanent residents.
I started this blog back in January of 2016, which makes five years ago this month. So obviously it’s time for an anniversary post!
Last week, the BC Government dropped a press release linking to 2019’s data from the NDP’s Speculation & Vacancy Tax (SVT), leaving us with two years of data (!) and including a brief analysis of what happened to properties taxed in 2018! Maybe you didn’t notice? It was a busy week. I’ve been looking through the data and comparing across releases, and here are my big takeaways so far:
- Overall, tax liability remains very rare (< 1%), and seems to be getting more so
- The 2019 Technical Report revises some of the 2018 taxpaying figures, generally downward
- The SVT may have added some rental in 2019, but probably not as much as claimed
- Best guess: probably because we never had much “toxic demand” to begin with…
- There’s some hint the SVT might have promoted divorce a bit & probably also migration
- Some errors and lapses in SVT reporting make interpreting the data harder than it should be!
Updating my mini–series on flights and exposures through YVR airport in Vancouver. No particular reason…