New BC Speculation Tax

[Chris Dittrick]

Wondering what BP'ers think of the newly proposed BC Speculation Tax? (for those not in the know, see http://www.cbc.ca/news/canada/edmonton/speculation... for details) Seems that actual details are light and not even solidified yet, however it sure is causing a lot of panic locally, especially for those that own properties to live in on a part-time basis. This makes it very difficult to qualify for an exception as it would be challenging/impossible to rent out as a "long term rental" - which I can't quite tell what is defined as.

Any thoughts on strategies or ideas on how to deal with this, aside from simply selling and getting out? (especially if you're looking to reside in the property part-time) Short term rental by airbnb/vrbo is one possible solution to offset the cost, but you'd be faced with the tax in full and everything involved with property management would apply. 

FYI for an appraised $500k property, you'd be looking at an additional $10k in tax over and above normal property taxes.