Squamish will be included in the Speculation and Vacancy Tax, the provincial government has announced. North Cowichan, Duncan, Ladysmith, Lake Cowichan, and Lions Bay are also included in this tax.
District of Squamish had also written to the Province to expand the tax to Squamish.
These changes will come into effect in January 2023, meaning home owners declare and claim an exemption for the first time in January 2024.
It is being done to ensure empty housing stock is available for the people who work and live there, the government said. The expansion of the Speculation and Vacancy Tax will help eliminate speculative real estate practices and turn empty units into homes for people in additional communities in B.C. struggling with housing affordability.
“People, businesses and service providers in Squamish are all facing the critical challenge of housing affordability,” said Karen Elliott, mayor of Squamish. “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. We support a collaborative approach to delivering the homes we need. Squamish is proud to be a partner in the Province’s efforts to create affordable housing, strategically develop private property, and implement solutions like the speculation and vacancy tax. Together, we can create more stable, attainable and affordable housing.”
The expansion of the speculation tax will help reduce the risk of speculators taking advantage of these communities that were earlier exempt, BC said.
Exemptions are available for primary residences, properties with a long-term tenant and a number of other special circumstances. The Province anticipates that more than 99% of British Columbians will continue to be exempt from paying the tax. Owners will be able to declare online or by phone with call centre staff. Last year, more than 92% of owners declared online.
Donald Patrick says
Maybe someone should consider a levy on changing zoning. That is where the speculator or smarter than average citizen makes the big bucks and in turn, moves the costs of owning property to a level that may not be available to the average citizen … plus not many folks want to rock the boat and subdivide the old homestead, it is work and sometimes best just to move on. Think about this suggestion, apparently, it is too deep for our $260,000 a year administrator to consider. the first citizens paid for the amenities, the following are getting off scot-free.
David Lassmann says
This tax system looks to me like a gross invasion into the rights of citizens to own private property and to enjoy a right to privacy. Our governments would serve us better by doing something about the great disparity of income in this country and the fact that many citizens have inadequate income.