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VICTORIA — British Columbia is raising its foreign buyers tax and expanding it to areas outside of Vancouver, while bringing in a new tax on speculators, as part of a sweeping plan to improve affordability in the province’s overheated housing market.

The New Democrat government unveiled a 30-point housing plan in its first full budget on Tuesday that also increases the property transfer tax and school tax on homes over $3 million, and invests $6 billion in building 114,000 affordable homes over the next decade.

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“Our intent is to bring stability to housing prices with these changes and have revenues to invest in building affordable housing,” said Finance Minister Carole James.

“We recognize these are bold actions. But that’s what B.C.’s housing crisis demands.”

The previous Liberal government introduced a 15 per cent tax on homes purchased by foreigners in the Metro Vancouver area in 2016. Sales of detached homes slowed for several months but prices did not fall.