Wake UP Metro Vancouver- 72.6% of houses in Metro Vancouver are $1 Million +
UBC Prof Paul Kershaw proposes lowering the threshold from $3M to $1M. On a $2M house the proposed taxes would be $10,000 per year and UBC Prof Davidoff is supportive.
Paul Kershaw's proposed Million Dollar Homes tax would see owners of all homes worth more than $1 million pay the government one per cent of their assessed value every year.
For a $1.25 million house, that would be an annual tax bill of $2500. On a $2 million home, it would be $10,000 per year. And for a house worth $5 million, the yearly tax hit would be $40,000.
David Eby and the NDP are working with the University of British Columbia and professors Kershaw and Davidoff to lower the threshold to $1 million dollar homes. This will crush most homeowners as majority have large mortgages.
Link for the map showing the percentage of homes in Metro Vancouver over $1million