The joint agreement signed by the NDP and Green parties reiterates an election promise both made to take action on real estate speculation and fraud.
However, real estate is mentioned just once in the agreement in section 4(b), where the parties agree to:
“Make housing more affordable by increasing the supply of affordable housing and take action to deal with the speculation and fraud that is driving up house prices.”
There are no further details available yet but we can glean some idea from the party platforms put forward by the parties prior to the election. Ironically, the Green party has come up with the more draconian measures of the two:
1) a hike in the property transfer tax for homes assessed at more than $3 million,
2) a tax on lifetime capital gains more than $750,000 on principal residences,
3) bumping the foreign buyers tax to 30 per cent and making it provincewide,
4) progressive property taxes, and
5) a switch to income-based homeowner grants.
For more information on the respective parties' platforms see this article on the Business in Vancouver web site: https://www.biv.com/article/2017/4/housing-top-priority-ndp-green-platforms/