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

30-thousand packs of illegal cigarettes found at a West Kelowna home

Corporal Bryan Mulrooney says evidence found at the home points to a sophisticated illegal cigarette trafficking operation. The Mounties are recommending charges against one man.

30-thousand packs of illegal cigarettes found at a West Kelowna home

B.C. skills plan looks to future jobs, changing economy, includes $3,500 grant

The government highlighted the future-ready plan in its budget earlier this year, saying it is a response to one of the biggest challenges facing B.C. businesses, which is access to more skilled workers. A 10-year labour market outlook for B.C. has forecasted there will be more than a million job openings in the province.

B.C. skills plan looks to future jobs, changing economy, includes $3,500 grant

Expect long passport lineups this week, post-strike immigration backlog: ministers

Families minister Karina Gould says the job action did not create a significant backlog, as the federal government received only about 20 per cent of the typical volume of passport applications during the strike.

Expect long passport lineups this week, post-strike immigration backlog: ministers

Vancouver's April home sales down 16.5% from a year ago: board

The B.C. board says sales for the month totalled 2,741, almost 16 per cent below the 10-year seasonal average. The composite benchmark price for all residential properties in Metro Vancouver hit $1,170,700 last month, down 7.4 per cent from a year ago but up 2.4 per cent from March.

Vancouver's April home sales down 16.5% from a year ago: board

Two men dead after boating incident off B.C. coast, RCMP say

The Joint Rescue Co-ordination Centre in Victoria says it sent the Canadian Coast Guard to the area to join the search for the missing men Sunday morning. It says they were found and recovered about six hours later, around 1 p-m.

Two men dead after boating incident off B.C. coast, RCMP say

Driver of overpass crash in Abbotsford could face charges

The collision, which involved equipment loaded on a truck striking the Peardonville Road overpass in Abbotsford yesterday, was captured on video. Highway Patrol says though there were no injuries, a car was struck by some debris from the overpass.