Professors of economics at the Fraser University ( SFU ) in British Columbia ( eds ) have released new research calling for a 1.5 % property surcharge for owners of vacant properties in the BC area , to slow foreign investment and promote a more active approach to the local economy . The study contends that the Vancouver housing market is currently being used as a way for foreign investors to evade taxes by switching properties and storing wealth tax - free , pushing up house prices , leading to potential labour shortages and stifling business innovation . According to the Greater Vancouver Real Estate Board , the benchmark price of a detached dwelling in Vancouver was estimated at $ 1.2 billion in November 2015 , up 22.6 % from the previous year , with 70 % of this housing stock being sold to Mainland China buyers . The 1.5 % vacant property surcharge could recoup $ 90 million p.a . for Vancouver alone , according to the SFU study .
Professors of economics at Simon Fraser University (SFU) in British Columbia (BC) have released new research calling for a 1.5% property surcharge targeting owners of vacant properties in the BC area, to slow foreign investment and encourage a more active contribution to the local economy. The study contends that the Vancouver housing market is currently being used as a way for foreign investors to evade taxes by switching properties and storing wealth tax-free, pushing up house prices, leading to potential labour shortages and stifling business innovation. According to the Greater Vancouver Real Estate Board, the benchmark price of a detached residence in Vancouver was estimated at $1.2m in November 2015, up 22.6% from the previous year, with 70% of this housing stock being sold to Mainland China buyers. The 1.5% vacant property surcharge could recoup $90m p.a. for Vancouver alone, according to the SFU study.