Finance Minister Katrine Conroy told the legislature that the tax is aimed at speculators who use housing only to turn a quick profit and it will make "profiteers think twice about a practice that inflates housing costs during a housing crisis."
"Wealthy investors are using housing as a short-term investment to make a fast profit, while people looking for homes can't get into the market," she said. Heidi Marshall, with the Condominium homeowners Association of BC, told the news conference that speculators often create an unstable environment for strata corporations.
"I think the federal government has recognized what we recognize, and what we hear every day from British Columbians, which is our housing should be for people and not for speculators," he said.
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