The speculation tax was brought in to stop, or at least slow down, skyrocketing real estate prices, particularly in the lower mainland.

While on the NL Morning News, Minister for Municipal Affairs and Housing, Selina Robinson said the economic impact of the housing crisis has far reaching effects. “There are businesses that cannot find people to work in their business because people have no place to live.”

“So, this has an economic impact on communities when there’s homes there but people can’t live in them and so that’s a real problem economically for communities right around the province.”

Robinson said she’s heard her share of horror stories. “They have stories, stories of half of an apartment block that is being left empty on purpose because there’s an anticipated economic boom coming to the community and they want to have rents really, really high and in the mean time, people are struggling to find a place to live.”

The minister added there is a simple way to avoid paying the tax. “If you choose to leave your home empty, you’re going to pay an extra tax in order to do that and you can not pay the tax by renting it out.”