Speculation tax is being expanded to 13 more communities in B.C., including Comox, Courtenay and Cumberland.
The province made the announcement today, saying the expansion is part of B.C.’s Homes for People plan that includes actions to fight speculation, deliver more homes and their delivery.
Residential property owners will need to declare for the first time in January 2025, based on how they used their property in 2024.
Courtenay mayor Bob Wells says the tax is another tool to assist in making more housing available.
“The City of Courtenay takes housing accessibility and affordability in Courtenay seriously and see the speculation tax as another tool to assist in making more housing available to residents,” said Wells.
“We hope this helps increase our vacancy rate, which was only 0.8 per cent, with 3.1 per cent of private dwellings sitting empty in 2022.”
The tax rate is two per cent for people who do not pay the majority of their taxes in Canada, or half a per cent for Canadian citizens or permanent residents who pay the majority of their taxes in Canada.
Cumberland mayor Vickey Brown says the tax is not just about property, but it is also about making sure communities have strong connections instead of empty houses.
“It’s about turning houses into homes instead of a collection of assets,” said Brown. “It’s about creating vibrant communities filled with life.”
The province adds that more than 99 per cent of people living in B.C. are exempt from the tax. The addition means the tax will now apply to 59 communities across the province.
