Was Applying the Vacancy Tax to the Island a Reaction to the Lower Mainland Problem?

The Times Colonist reported on a survey of real estate agents on Vancouver Island which demonstrated our real estate market is focused on local buyers, with few interested in investment or recreational property which often remain vacant for extended periods of time.

91 per cent of all buyers came from B.C. and 1.87 per cent from outside Canada, and so far this year that breakdown remains the same with 90 per cent of all buyers coming from B.C. and less than 1.5 per cent from outside Canada.

It also found 59 per cent of all buyers were purchasing for retirement purposes and that only 2.5 per cent were buying homes as an investment or for recreational purposes.