B.C. developers push back on foreign buyer restrictions

British Columbians overwhelmingly favour the provincial foreign buyer tax and the federal two-year ban on foreign real estate purchases, a new poll shows. But developers, experiencing a bitter downturn, are pushing the government to ditch policies that curb foreign investment. They say they desperately need investors to return to the market.

A B.C. public opinion survey conducted in March by Research Co. showed 77 per cent of respondents approved of the provincial foreign buyer tax increase from 15 per cent to 20 per cent. Close to the same numbers approve of expanding the foreign buyer tax outside Metro Vancouver (74 per cent) and most agree with the federal government’s temporary foreign buyer ban (75 per cent). The majority also approve of the speculation and vacancy tax that B.C. brought in several years ago, targeting homeowners who pay little or no income tax and owners of secondary properties that aren’t rented out long term (72 per cent).