Vancouver is poised to get a “very expensive” housing tax, the province announced Wednesday.
The new levy, announced by Finance Minister Mike de Jong, will apply to all new condo projects, condos and apartments in Metro Vancouver.
It will apply a 5% tax rate for projects built between 2020 and 2028.
It comes after a similar tax was imposed in Vancouver last year.
The province estimates the new levy will generate about $4 billion over five years.
That’s roughly the amount of money raised in a single election campaign.
Vancouver’s tax on foreign buyers was recently dropped and replaced by a $15 minimum wage and a $25-per-day tax on home renovations.