More than $51 million in additional school taxes on homes over $3 million will be collected from the North Shore this year – most of if from owners of high-end properties in West Vancouver.
To be clear, the AST has nothing to do with schools. It’s more of a wealth tax tacked onto an already existing tax levied on property values.
But the intent of the AST when it was introduced in 2019 was to both cool the higher end of the housing market and pull in revenue needed to fund affordable housing. We can argue about the efficacy of the tax on the market, but there’s no debate about the need to supply new affordable housing. The latest CMHC data shows renting a home in the City of North Vancouver today would cost you more than $2,000 per month. In West Van, it’s more than $3,700.
The province now has an obligation to show up with every dollar it collected in AST from the North Shore and spend it on affordable housing on the North Shore, and then some.
Whether it’s rooms offered at shelter rates for those who would otherwise be homeless, rent-geared-to-income for those just getting by, or below-market rentals that are accessible to the local workforce, there is an acute need at every level.
That money could go even further in alleviating the crisis if our municipalities are willing to put up some land. If any of our councils are foolish enough to be less than willing partners, the province may simply overrule them – something Premier David Eby has already signalled is coming for municipalities that aren’t pulling their weight on housing.
Though the AST may have nothing to do with education, it’s time we learned a lesson on how to use it.
What are your thoughts? Send us a letter via email by clicking here or post a comment below.
