Report says that inequality caused from rising housing prices could be addressed with progressive tax reform

PRINCE GEORGE — New research from the Canadian Centre for Policy Alternative shows that increasing rises in house prices has become a massive source of inequality, and could be addressed with progressive property tax reform.

Alex Hemingway, a senior economist and public finance policy analyst says that residential real estate wealth in BC has grown to over $2.1 trillion dollars and this vast wealth remains minimally taxed. Hemingway says that increasing tax rates on property values above 3 million and adding a new bracket for those above $7 million, could increase provincial revenues by an estimated $356 million annually while affecting only 1.9% of BC’s most expensive properties.

The revenues generated could be put towards public investments in affordable housing, child care, and climate action to name a few.