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

Burnaby RCMP investigation leads to major drug bust at a home close to a school and a daycare

Two magazines seized from this residence had the capacity to hold 27 and 50 rounds. Along with the drugs and weapons, around $10,000 in cash, a large amount of drug packaging, equipment for re-pressing drugs and two vehicles were seized.

Burnaby RCMP investigation leads to major drug bust at a home close to a school and a daycare

Canadian attachment to monarchy dropping: poll

The web survey of 1,544 adults released Tuesday by market research firm Leger indicates many Canadians are greeting the ascension of Charles to the throne with a shrug. Only 12 per cent of respondents said it was good news that Charles is now King, compared to 14 per cent who said it was bad news and 67 per cent who were indifferent.

Canadian attachment to monarchy dropping: poll

TSB urges better medical screening guidelines

In a report published Tuesday, the independent federal agency recommended the Department of Transport "establish a framework for routine review and improvement" of its guidelines "to ensure it contains the most effective screening tools for assessing medical conditions," including cardiovascular health issues.

TSB urges better medical screening guidelines

B.C. First Nation gets environment OK on LNG site

The B.C. government says the nation, in partnership with Pembina Pipeline Corp., proposes to use electricity to operate the LNG facility and export terminal. The $3.28-billion terminal will be supplied with natural gas from the Coastal GasLink pipeline, which is still under construction.

B.C. First Nation gets environment OK on LNG site

Ottawa needs spending rules, more taxes: experts

The budget comes at a time when the government is facing pressure to rein in spending so as to not work against the Bank of Canada's inflation-fighting efforts. The central bank has aggressively raised interest rates over the last year to dampen spending by consumers and businesses. Excessive fiscal stimulus could reverse some of that work.

Ottawa needs spending rules, more taxes: experts

Foster kids of all ages get free tuition in B.C.

The program was launched in 2017, waiving fees for people who had been in care from the ages of 19 to 26, but starting next August, that restriction will be eliminated. Since the waiver program was introduced, 1,900 students have had a total of $13 million in tuition and fees waived.