National

BC's speculation tax on homes expands

Darpan News Desk The Canadian Press, 22 Nov, 2023 04:07 PM

One of British Columbia's first measures to combat the housing crisis is being expanded to include 13 more communities.

Finance Minister Katrine Conroy says the New Democrat government's speculation and vacancy tax will now apply to 59 B.C. cities and towns.

Vernon, Penticton, Courtenay and Kamloops are among the 13 communities that have been added, and starting in 2025 residential property owners will have to declare how they used the home in 2024.

The levy aims to get more people into empty homes and has collected $313 million since it was first introduced in 2018.

Conroy says independent data found the speculation tax helped increase the available rental stock in Metro Vancouver in 2020 by 20,000 units.

Housing Minister Ravi Kahlon says the government's recent legislation restricting short-term rental accommodations in B.C. is already showing increases in long-term rental listings in Kelowna and Victoria despite the law not taking affect until May 2024.

We've had enormous success in places where the speculation and vacancy tax has been applied. Thousands of homes are now being lived in because of this. 🏡

It's been making a difference in the lives of people and we have to keep going.
👇🏾https://t.co/uOTd5ARrlZ
— Ravi Kahlon (@KahlonRav) November 22, 2023

Other communities being brought under the speculation umbrella are Coldstream, Summerland, Lake Country, Peachland, Comox, Cumberland, Parksville, Qualicum Beach, and Salmon Arm.

Prev Next

MORE National ARTICLES

Thousands of B.C. families will see an increase in government family benefit plan

The monthly benefit payment from the province goes to families with annual earnings below $106,908 for those with one child and $143,783 for a three-child family. Funding goes up this month by $250 a year for a two-parent family of four and as much as $750 for a single-parent family with two children.

Thousands of B.C. families will see an increase in government family benefit plan

Inflation rate fell to 2.8 per cent in June

The inflation rate fell to 2.8 per cent in June, but Statistics Canada is also reporting grocery prices shot up 9.1 per cent from year-ago levels. That's even more than prices rose in May.

Inflation rate fell to 2.8 per cent in June

Record wildfire season in B.C. for area burned with almost 400 fires in the province

The B.C. Wildfire Service website says 13,935 square kilometres have been burned since April 1, surpassing the previous record of 13,543 square kilometres set in 2018. But there are still months to go in this year's season and the service says there are almost 400 fires currently burning.

Record wildfire season in B.C. for area burned with almost 400 fires in the province

Municipal police chief casts doubt on effectiveness of B.C. drug decriminalization

Delta Police Chief Constable Neil Dubord says in the letter that while he agrees with "the underlying principles of decriminalization," an early evaluation shows that the policy has not led to "the desired outcome." Dubord says there were 791 overdose deaths in the province between then and May, which "closely mirrors" the 772 deaths recorded during the same period last year.

Municipal police chief casts doubt on effectiveness of B.C. drug decriminalization

Inmate dies in police custody

Correctional officials say an inmate has died while in the custody of a prison in Abbotsford, B-C. The Pacific Institution says in a statement that Douglas Gordon Martin died on July 14.

Inmate dies in police custody

Coquitlam RCMP need public's assistance locating missing man Syed Mustafa

Coquitlam RCMP is asking for the public’s assistance in locating a missing man, 36-year old Syed Mustafa. Syed was last seen early June camping near Twin Islands, Belcarra British Columbia. Syed’s family and Police are concerned for Syeds’s well-being.