However, Whistler, a resort community north of Squamish with a well-known housing shortage, was excluded from the extension.
Whistler faces “unique” housing issues because of its prominence as a tourist destination. Robinson noted that the government is keeping an eye on the housing market in Whistler and other resort areas and would utilize different methods to address their problems.
The speculation and vacancy tax are keeping home prices and rentals down as anticipated, the ministry said, citing an independent report prepared by University of B.C. Professor Tsur Somerville and analyst Jake Wetzel.
The tax has helped 20,000 condo units return to Metro Vancouver’s long-term market. Additionally, between 2018 and 2020, it increased government revenue by almost $231 million, with 68% of the income coming from foreign owners and satellite families.
Green Leader Furstenau, who is also MLA for Cowichan Valley, welcomed the tax but added it is not a silver bullet. “We need to increase supply (especially of non-profit and co-op housing), encourage municipalities to enact density zoning, and more,” she said in a statement.
