Why are B.C. renters subsidizing B.C. homeowners? Answer: Politics
The rising peak means that more than nine out of 10 homeowners will be receiving a subsidy from taxpayers – even if they have high incomes, and even if their home’s price keeps rising. The province issued its latest annual BC Assessment data last week; it showed that, in Metro Vancouver, the value of detached propertiesThe expert panel looked at all of this and saw the obvious: The system is strikingly unfair. It’s a tax break that mostly benefits people of above-average incomes.
The panel called for the nearly $1-billion giveaway to be ended, with the money instead devoted to social housing. The panel also proposed “more equitable treatment of renters and homeowners,” since renters “end up paying higher taxes to offset revenue losses from homeowner exemptions.” But highlighting the “disproportionate policy influence” of homeowners, the panel said that reform would not be politically easy, and would require “strong leadership.”of its publication. “We’re not interested in making any changes,” B.C.’s Finance Minister said in the legislature of the homeowner grant.
Across the country, there are variations on this generous tax treatment of homeowners vs. renters, but nothing so striking as in B.C. Nova Scotia has
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