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

Trudeau skips COP27 for Tunisia, Asia visits

The Prime Minister's Office says Trudeau will attend the Association of Southeast Asian Nations summit on Nov. 12 in Phnom Penh, Cambodia, before heading to the the G20 Summit in Bali, Indonesia.

Trudeau skips COP27 for Tunisia, Asia visits

Foot injury may not result in fractures: witness

Dennis Chimich, an expert in the biomechanics of bone fractures, testified for Doug McCallum's defence team, which is presenting evidence to suggest their client was not lying when he told police a woman ran over his foot in a grocery store parking lot.

Foot injury may not result in fractures: witness

Housing prices remain soft, sales flat, throughout the Fraser Valley

Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.

Housing prices remain soft, sales flat, throughout the Fraser Valley

Funeral honours RCMP officer in Richmond, B.C.

The 31-year-old mental health and homeless outreach officer was stabbed to death two weeks ago while she and a City of Burnaby employee attempted to issue an eviction notice to a man who had been living in a tent at a local park. Jongwon Ham is accused of first-degree murder in Yang's death and is expected to return to a Vancouver court again today for remand.

Funeral honours RCMP officer in Richmond, B.C.

Hundreds attend Halloween melee in Delta, B.C.

The injured teen suffered burns to her arm and shoulder when her jacket was set ablaze, the two officers received minor injuries and firefighters had to douse several bush and dumpster fires.

Hundreds attend Halloween melee in Delta, B.C.

Vancouver home sales down 46% from last year

Last month sales totalled 1,903 and were 33.3 per cent below the 10-year October sales average. The board attributed the slowdown's continuation to inflation and rising interest rates, which have led many buyers and sellers to reassess purchasing or listing a home.