Vancouver's residential tax rate should be higher

[betterVancouver]

I believe that in most countries the prime residential tax should be just appropriate to support local education, government and etc. I think that the Vancouver residential tax rate is way too low.
It has been the lowest in Canada for years. How low?
The Vancouver residential tax rate is $3.68 per $1,000 of value.
The Canadian average residential tax rate is $9.51 per $1,000 of value.
Politicians say that the city is able to charge lower tax rate largely because it has the highest residential property values in the country.
But; could one of the reasons why property value skyrocketed in the past decade be the low tax?
It is already kind of late to take actions because for most owning a house in one of the most expensive cities in the world is not a right as a Canadian.
But better late than never!
Do you find that the Low property taxes in Vancouver favor the rich?

[TaxMan]

Indeed, I think the residential tax is too low.
Maybe a 10 year plan to increase it could be made such that it would give time to things/prices to balance themselves while lessening the shock.