How BC is dealing with the situation:
B.C. NDP promise new tax on foreign speculators
http://www.theglobeandmail.com/news/british-columbia/bc-ndp-promise-new-tax-on-foreign-speculators/article34711965/
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B.C.’s New Democrats are promising to impose a tax on property speculators who don’t pay income tax in the province, which the party says will be more effective than a levy on foreign buyers introduced last year by the Liberal government.
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The NDP tax, announced Thursday in the party’s campaign platform, would put a 2-per-cent tax on homes of people whose tax returns indicate they pay little or no taxes in British Columbia. It would be implemented first in Metro Vancouver, where housing affordability has become a pressing concern, though other jurisdictions could opt in later, the party said.
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The tax would be based on assessed property values and proceeds would go to a housing affordability fund.