The Speculation and Vacancy Tax in British Columbia has been extended to further municipalities, including North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay, and Squamish. Homeowners in these areas will be required to declare the use of their properties in 2023, joining owners in 40 other cities, districts, and towns. Failure to accurately declare can result in a penalty of up to two percent of the property’s total value. The tax has been in place since 2018, covering most residential properties in Metro Vancouver and Capital regional districts, among others, and has raised over $313 million for the construction of affordable housing. The expansion of the tax aims to ensure homes are available for residents, not left empty for speculation purposes.
BC increases property tax to encourage renting unoccupied homes.
