Speculation and Vacancy Tax Expansion: 13 More BC Municipalities Affected
The B.C. government is expanding the province’s Speculation and Vacancy Tax to include 13 new municipalities.
The province’s Speculation and Vacancy Tax will apply to more empty homes in B.C. starting from 2025.
The B.C. government is expanding the reach of the Speculation and Vacancy Tax by including 13 new municipalities. This tax, initially applicable to empty homes in Metro Vancouver, the Capital Regional District, and Kelowna, will now extend to properties in Vernon, Coldstream, Penticton, Summerland, Lake Country, Peachland, Courtney, Comox, Cumberland, Parksville, Qualicum Beach, Salmon Arm, and Kamloops.
Finance Minister Katrine Conroy highlighted the urgent need for action, emphasizing the housing crisis’s economic impact and its contribution to labor shortages.
The government aims to increase affordable housing options through measures like the speculation tax.
While some areas, such as Whistler, Tofino, the Sunshine Coast, and the Gulf Islands, remain exempt, an independent review in 2022 credited the tax with delivering over 20,000 homes in Metro Vancouver.
The report recommended expanding the tax to additional communities, leading to its current extension.
Starting January 2025, residential property owners in the newly included communities must submit declarations based on their property usage in 2024. Exemptions exist for primary residences, homes rented to long-term tenants, and certain health-related situations.
Housing Minister Ravi Kahlon emphasized the imbalance caused by vacant investment homes, stressing that homes should serve communities rather than being held for speculation. The delayed implementation until 2025 allows property owners time to meet exemption requirements.
Over 99% of B.C. residents are exempt from the tax, and since its inception in 2018, the province has raised over $313 million through the Speculation and Vacancy Tax, earmarked for affordable housing in applicable regional districts.
North Cowichan mayor Rob Douglas underscored the housing crisis’s impact on communities like his, where rising home prices and minimal rental vacancies pose significant challenges for working families.
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