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

Liberals ready to release economic update

While the Bank of Canada has a mandate to keep inflation in check, the government agreed Monday it plays a role in helping the central bank maintain inflation around its two-per-cent target.

Liberals ready to release economic update

Indigenous people more likely to die from opioids

Data from the First Nations Health Authority in British Columbia shows that Indigenous people are five times more likely to experience an overdose and three times more likely to die than other residents. The gap has been further compounded by the COVID-19 pandemic, the authority said.

Indigenous people more likely to die from opioids

Unmarked graves news story of the year: CP poll

The discovery of unmarked graves at a former residential school in the B.C. Interior and the countrywide awakening it set off have been chosen as Canada’s news story of the year by editors in newsrooms across the country.

Unmarked graves news story of the year: CP poll

1,129 COVID19 cases over 3 days

There are currently 2,949 active cases of COVID-19 in the province, and 217,705 people who tested positive have recovered. Of the active cases, 185 individuals are currently in hospital and 72 are in intensive care. The remaining people are recovering at home in self-isolation.

1,129 COVID19 cases over 3 days

Dash cam footage sought in alleged assault of police officer

On December 2, 2021 a Richmond RCMP frontline officer was attempting to arrest a man for an alleged theft when the man allegedly assaulted the officer. During the attempted arrest, a struggle on the ground ensued. Prior to additional officers arriving, the man was able to break free and run from the area on foot.

Dash cam footage sought in alleged assault of police officer

27 teenagers crammed in a party bus with a dance floor, VPD issues fines in safety blitz

Officers found 27 teenagers crammed inside a party bus with a dance floor. The bus had been hired to take the teens downtown for a 17-year-old’s birthday party. VPD officers are now recommending 27 counts of failing to provide a chaperone for passengers under 19, allowing open liquor in a vehicle, and operating with too many passengers.