Property wealth has become a massive source of inequality in B.C. as home prices and rents have risen dramatically amid a severe housing crisis and shortage. A consequence of high prices has been an explosion of residential real estate wealth now totaling over $2.1 trillion in the province, a stock of wealth that remains only lightly taxed.
In less than two decades, just the increase in residential property wealth has amounted to a staggering $1.7 trillion. Even the most equally distributed segment of property wealth — owner-occupied principal residences — is highly concentrated. As of 2019, the top two-fifths of British Columbians (by net worth) held almost 80 per cent of principal residence asset values.
While the B.C. government has taken some worthwhile steps towards taxing the most expensive properties, these have only scratched the surface of the enormous property wealth gains in B.C.
In this report, I examine provincial property tax policy options with three main aims ...
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