The Province is taking action to fight real estate speculation and turn more empty units into homes for people by expanding the speculation and vacancy tax to 13 new municipalities, including Cumberland.
The tax is intended to reduce the number of houses sitting vacant in a community and turn them into housing for people in British Columbia. It is also to ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system.
This tax is an annual tax that applies based on:
– How property owners use their residential property
– The property owner’s residency status
– Where property owners earn and report their income
Since 2018, more than $313 million was raised to go back into affordable housing in regional districts where the Speculation and Vacancy Tax is applied.
The tax has been expanded to include 13 more communities including Comox, Courtenay, Parksville, and Qualicum Beach. Property owners will have to declare how they used their residential property for 2024 in January 2025. As of 2025 the tax will include a total of 59 communities.
To read more about the expansion of the Speculation and Vacancy Tax, please click here.Search again