BC just introduced 13 new municipalities that will soon face an increase in taxes, if they are detrimental to the ongoing, province-wide housing crisis.
Speculation and vacancy tax is meant to reduce the number of people having multiple homes and thus, freeing up new long-term housing options for those in need.
According to BC, it specifically is targeted toward foreign homeowners with property in BC and those whose income is primarily foreign, so they can contribute to the Province’s tax system.
This tax will not impact over 99% of people living in BC; it will simply deter foreign speculators from buying up homes and leaving them vacant.
The five Vancouver Island communities that will be impacted are:
- Courtney
- Comox
- Cumberland
- Parksville
- Qualicum Beach
The remaining eight BC municipalities are:
- Vernon
- Coldstream
- Penticton
- Summerland
- Lake Country
- Peachland
- Salmon Arm
- Kamloops
“There’s something wrong when people are buying up investment homes and keeping them empty while others are living in vehicles and can’t find housing,” said Ravi Kahlon, Minister of Housing.
“Homes are meant to be lived in by people in our communities, not used for speculation. While some would cancel the speculation tax — giving a handout to speculators and turning homes back into empty condos — we know that people can’t afford that. We’re taking action to make more homes available for people throughout the province.”
BC homeowners in these communities will need to declare for the first time in January 2025 based on how they used their property in 2024, according to the Province.
With the addition of these 13 communities, there are 59 in total that the speculation and vacancy tax will apply to.
There is an online, interactive map for BC residents to see what communities are within speculation and vacancy taxable zones.
