Posted Jul 20, 2022, 6:39 PM
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Registered User
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Join Date: Jan 2015
Location: BC
Posts: 4,328
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B.C. expands speculation and vacancy tax
Quote:
B.C. is expanding its speculation and vacancy tax to target more communities in the province.
Starting January 2023, the tax will apply to properties in Squamish and Lions Bay. Duncan, North Cowichan, Lake Cowichan, and Ladysmith will also be added to the list.
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Squamish Mayor Karen Elliott supports the move, saying housing costs are affecting everyone in her community.
“Our citizens want to see that we are addressing both the supply side, as well as advocating for demand-side policies that help make housing more attainable,” she said.
The tax currently only applies to communities in Metro Vancouver, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo, Lantzville, and the Capital Regional District (which includes Victoria and Saanich).
Since the changes come into effect in January 2023, homeowners in the communities that are being added for the speculation tax will have to declare and claim an exemption for the first time in January 2024.
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