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

Feds say Emergencies Act needed to 'hold progress'

The border crossings in Windsor, Ont., Manitoba, Alberta and British Columbia have since been cleared using traditional police enforcement measures, while Ottawa remains clogged with protesters who drove in trucks nearly three weeks ago and have refused to leave.

Feds say Emergencies Act needed to 'hold progress'

Netflix should add more to Canadian culture: feds

In a debate in the House of Commons about a bill to regulate online streaming, Rodriguez says updating the broadcasting law is long overdue and needs to cover commercial content on social media and streaming platforms.

Netflix should add more to Canadian culture: feds

Volunteers a lasting legacy of pandemic: advocate

Isobel Mackenzie says nearly 26,000 seniors benefited from the generosity of over 13,000 volunteers as part of a provincially funded program that was expanded in March 2020 to boost services through community organizations.

Volunteers a lasting legacy of pandemic: advocate

Speaker not advised on clerk's benefit: Court told

Donald Farquhar told a B.C. Supreme Court trial for James that it was his legal opinion that all so-called table officers, who support the work of the clerk in the legislature, were eligible in 2011 for the retirement allowance, which has since been eliminated.

Speaker not advised on clerk's benefit: Court told

Man allegedly exposes himself to children at New Westminster middle school

Staff at the school phoned the New Westminster Police Department to report that an unknown male exposed his genitals to a group of children on the school grounds. The suspect is described as a Caucasian man, between 40 to 50 years of age, standing 5’6” tall, with a medium build, balding dark hair, wearing a blue puffy jacket, dark blue jeans, and black shoes.

Man allegedly exposes himself to children at New Westminster middle school

Abbotsford victim identified as Cody Corbett

To further the investigation, the victim has been identified as 30-year-old Cody Corbett. Corbett is known to police. At this time, homicide investigators believe the stabbing was targeted and not random. There is also no known connection with the Lower Mainland gang conflict.