Close X
Sunday, November 10, 2024
ADVT 
National

BC's speculation tax on homes expands

Darpan News Desk The Canadian Press, 22 Nov, 2023 04:07 PM
  • BC's speculation tax on homes expands

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.

Other communities being brought under the speculation umbrella are Coldstream, Summerland, Lake Country, Peachland, Comox, Cumberland, Parksville, Qualicum Beach, and Salmon Arm. 

 

MORE National ARTICLES

'Thin line' between freedom of speech and 'freedom of hate,' says Israeli ambassador

'Thin line' between freedom of speech and 'freedom of hate,' says Israeli ambassador
Israel's envoy to Canada says it is important for democracies to assess when a line has been crossed between freedom of speech and what he calls "freedom of hate." Iddo Moed, Israel's ambassador to Canada, spoke generally about what he sees as a "thin line" between the two in an interview with The Canadian Press. 

'Thin line' between freedom of speech and 'freedom of hate,' says Israeli ambassador

Anti-discrimination efforts falling short in public service, RCMP: auditor general

Anti-discrimination efforts falling short in public service, RCMP: auditor general
The federal auditor general says Canada's efforts to combat racism and discrimination in major departments and agencies are falling short. Auditor General Karen Hogan found in a report released Thursday that bureaucrats are failing to use data to understand how racialized employees are feeling. 

Anti-discrimination efforts falling short in public service, RCMP: auditor general

Profits, markups rose as competition weakened over 20 years: Competition Bureau

Profits, markups rose as competition weakened over 20 years: Competition Bureau
The Competition Bureau says profits and markups have increased over the last two decades as the state of competition in Canada has deteriorated. The bureau published a report Thursday analyzing how competition evolved across industries between 2000 and 2020.

Profits, markups rose as competition weakened over 20 years: Competition Bureau

Invest in Caribbean, leaders urge, as Trudeau promises new temporary worker program

Invest in Caribbean, leaders urge, as Trudeau promises new temporary worker program
Caribbean leaders gathered in Ottawa for a two-day summit this week are urging the Canadian private sector to invest more in the region. Their pleas came as Prime Minister Justin Trudeau announced on Thursday that Canada is creating a new temporary worker program for the fisheries industry.

Invest in Caribbean, leaders urge, as Trudeau promises new temporary worker program

'It's never easy': Suspect dead, police officer injured in Calgary shootout

'It's never easy': Suspect dead, police officer injured in Calgary shootout
Flashing lights and police tape encircled a strip mall in northeast Calgary late Wednesday afternoon after a shootout that sent a police officer to hospital and left one suspect dead. Police say tactical team officers were executing a high-risk warrant at McKnight Village, in the northeastern community of Falconridge, at about 1 p.m.   

'It's never easy': Suspect dead, police officer injured in Calgary shootout

Atmospheric river passes in southern B.C., but area rivers still rising

Atmospheric river passes in southern B.C., but area rivers still rising
Rainfall warnings across Vancouver Island and the inner south coast have lifted in most areas, but the effects of British Columbia's first atmospheric river of autumn could take a little longer to ease. The B.C. River Forecast Centre posted flood watches across western Vancouver Island and for the Englishman River near Parksville, warning of levels seen only once every 10 years on some waterways.

Atmospheric river passes in southern B.C., but area rivers still rising