B.C.’s speculation and vacancy tax (SVT) helped make homes more affordable in the SVT areas of the province, based on independent analysis by Tsur Somerville and Jake Wetzel.

The first comprehensive analysis of the SVT (Review Report) since it was launched in 2018 shows that, prior to the pandemic, it was helping improve home prices for renters and owners. It also confirms that the tax, specifically the 2% tax rate for foreign owners and satellite families, encouraged the return of approximately 20,000 condo units to the long-term rental market in Metro Vancouver.

More information here.