Tell our local politicians: get the foreign buyers tax extended to Greater Victoria
Mayors, Councillors and Directors across the Capital Regional District have been debating whether to ask the province to extend B.C.'s 15% foreign buyers tax to Greater Victoria.
We believe the answer needs to be YES. There are many factors at play, but with non-resident buyers accounting for 4-13% of the total value of real estate transactions in the CRD, there’s no question global capital is distorting local markets. 
Often, non-resident buyers will make cash offers, sight-unseen with no conditions, tens or hundreds of thousands over asking price. Many local buyers don't stand a chance, or have taken on enormous risk and debt in order to compete. Meanwhile, many renters face additional insecurity as more units are speculatively bought and sold.
And it could get even worse. Ontario announced in April that it'll follow B.C.'s lead and implement a 15% non-resident speculators tax for Greater Toronto. This means Greater Victoria, often cited along with Greater Vancouver and Greater Toronto as among the priciest markets in Canada, now risks being the only one of those three without a financial disincentive to park global capital in local housing.
 On a month-to-month basis, as measured by the B.C. government starting in June 2016.
Sign the petition
“Dear Capital Regional District Mayors, Councillors and Directors,
It’s time to extend the 15% non-resident speculation tax (a.k.a. foreign buyers tax) to Victoria and the CRD. Please place yourself on record requesting that the Government of B.C. act without delay to bring the tax here, and to utilize the revenue to invest in affordable housing.”