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

COVID disrupted needed health care: survey

The findings released Tuesday are based on the responses of 25,268 adults in 10 provinces — including 6,517 Indigenous individuals — to a survey last spring about the pandemic's impacts on health care.

COVID disrupted needed health care: survey

B.C. set to roll out child vaccines next week

Provincial health officer Dr. Bonnie Henry says up to 350,000 children will be eligible for the vaccine and more than 90,000 kids are already registered.

B.C. set to roll out child vaccines next week

GG inherits centuries of throne speech tradition

Delivered in the Senate, the ceremony surrounding the opening of Parliament hearkens back to a struggle in 1642 in the English House of Commons between an unpopular King and his MPs.

GG inherits centuries of throne speech tradition

Need to prepare for more extreme weather: Blair

Blair says it's still too early to estimate how much it will cost to fix all the damage caused by the atmospheric river that hit B.C. earlier this month. The storm dropped nearly 300 mm of rain on some communities in southern B.C. in less than two days, washing out major highways and rail lines, and triggering mudslides that killed at least four people.

Need to prepare for more extreme weather: Blair

Ottawa clarifies flood rules on B.C.-U.S. border

The federal minister of emergency preparedness says border guards have been advised that British Columbia residents can cross into the United States for essential supplies because of flooding in the province after some were reportedly facing fines or told they would have to quarantine on returning to Canada.

Ottawa clarifies flood rules on B.C.-U.S. border

Nearly half of Canadians to hug at holidays: poll

The poll by Leger in collaboration with The Canadian Press found that 45 per cent of Canadians say they will "greet others with a handshake, hug or kiss" at Christmas parties and other holiday gatherings.