Forty-two residential properties in Oak Bay were assessed the speculation and vacancy tax in 2019 for a total of $693,000 (Uplands neighbourhood pictured). (Travis Paterson/News Staff)

Forty-two residential properties in Oak Bay were assessed the speculation and vacancy tax in 2019 for a total of $693,000 (Uplands neighbourhood pictured). (Travis Paterson/News Staff)

74 Oak Bay property owners paid $693,000 in spec tax

42 properties were assessed with the SVT in 2019

The province released its updated speculation and vacancy tax on Monday and included is a breakdown of the real estate ownership for Oak Bay from 2019.

The speculation and vacancy tax (SVT) recovered $693,000 from Oak Bay, part of a total $6.5 million in tax revenue from residential property owners (properties with livable units on them) in the Capital Regional District. B.C. netted $88 million for the year.

The Ministry of Finance report shows 6,226 of the 6,268 residential properties in Oak Bay were exempt in 2019. That means the $693,000 was paid on 42 properties, an average of $16,500 per Oak Bay speculation and vacancy tax assessment. That’s up from the 2018 total of $477,000.

READ ALSO: Speculation tax doesn’t slow B.C.’s hot housing market

READ MORE: Oak Bay homeowners to pay (total) of $477,000 in spec tax

Since the SVT was introduced in 2018 its revenue has been put towards funding housing, shelter or rental initiatives in the five regional districts where the tax applies, Metro Vancouver, Fraser Valley, Central Okanagan, Nanaimo and the Capital Region. In that time the vacancy rates have increased by seven per cent.

The 42 non-exempt Oak Bay properties have a combined 74 owners (as some have multiple owners). Of those owners that qualified for the SVT in 2019, 34 were from B.C., 13 were out of province, 14 were out of country, eight received satellite family status and five were other situations.

Foreign owners paid $235,000 of Oak Bay’s spec tax, B.C. residents paid $99,000, satellite families paid $162,000, other Canadians paid $85,000, while $111,000 was categorized as “other residential,” (housing types which do not fit into the categories, such as a duplex).

(A satellite family is a couple of which one or both live in the SVT area but work outside the country and more than 50 per cent of their combined household income is declared in another country.)

Oak Bay couple dinged $6,000 speculation tax believe retirees unfairly targeted

The leading causes for exemptions among Oak Bay property owners (8,624 use the property as their principal residence and 1,156 are tenanted), were 127 recently acquired homes, 100 under construction or renovation, 88 with a rental restriction, 56 due to the recent death of an owner, 31 had no residence on the property, nine were recent cases of separation or divorce, seven were residential care facilities, and 31 were exempt for a variety of other reasons.

In total, 906 properties in the Capital Regional District were assessed the SVT for 2019. Data shows 327 were detached homes, 40 were townhouses, 513 were condos, and 26 were another variation. Foreign ownership made up 44 of the 110 detached homes and 59 of the condos, whereas 566 of the detached home and condo owners were from B.C. or Canada and 85 more were designated as “satellite families,” wherein one of the partners works in a separate community.

reporter@oakbaynews.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

During a press event on March 6, Const. Alex Berube, media relations officer for the West Shore RCMP, addressed a deadly shooting that occurred in Metchosin the night before. (Devon Bidal/News Staff)
VIDEO: One man shot dead in ‘targeted incident’ on Sooke Road

Highway 14 reopens following multi-hour closure for investigation

Victoria man Brett Andersen is asking for people’s help to secure him one of eight free tickets to the moon. (Screenshot/@brettandersen Instagram)
Victoria man wants your help securing a free ticket to the moon

Japanese billionaire offering eight people a trip to the moon

A decade into the 100-year blueprint for restoring the Bowker Creek watershed, Soren Henrich, director of the Friends of Bowker Creek Society, feels positive about the future of conservation and daylighting of the creek. (Nina Grossman/News Staff)
Ten years in, Greater Victoria’s 100-year Bowker Creek blueprint gets a boost

Victoria council passes several restoration recommendations

A resurfacing of the tennis court in Metchosin is being eyed for the community. However, funding opportunities still need to be solidified for the project. (Michelle Cabana/Black Press Media)
Renewed surface eyed for Metchosin tennis court

Funding source must first be solidified in order for project to happen

The James C Richardson Pipe Band marches in a Remembrance Day parade on Nov. 11, 2019 in Chilliwack. Wednesday, March 10 is International Bagpipe Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of March 7 to 13

International Bagpipe Day, Wash Your Nose Day and Kidney Day are all coming up this week

The Conservation Officers Service is warning aquarium users after invasive and potentially destructive mussels were found in moss balls from a pet store. (BC Conservation Officers Service/Facebook)
Aquarium users in B.C. warned after invasive mussels found at pet store

Conservation officers were told the mussels were found in a moss ball from a Terrace pet store.

Hockey hall-of-fame legend Wayne Gretzky, right, watches the casket of his father, Walter Gretzky, as it is carried from the church during a funeral service in Brantford, Ont., Saturday, March 6, 2021. HE CANADIAN PRESS/Nathan Denette
Walter Gretzky remembered as a man with a ‘heart of gold’ at funeral

The famous hockey father died Thursday at age 82 after battling Parkinson’s disease

Donald Alan Sweet was once an all star CFL kicker who played for the Montreal Alouettes and Montreal Concordes over a 13-year career. Photo courtesy of Mission RCMP.
Ex-B.C. teacher who was CFL kicker charged with assault, sexual crimes against former students

Donald Sweet taught in Mission School District for 10 years, investigators seek further witnesses

(Black Press Media files)
Medicine gardens help Victoria’s Indigenous kids in care stay culturally connected

Traditional plants brought to the homes of Indigenous kids amid the COVID-19 pandemic

Personal protective equipment is seen in the COVID-19 intensive care unit at St. Paul’s hospital in downtown Vancouver. THE CANADIAN PRESS/Jonathan Hayward
$16.9 million invested to improve worker safety, strengthen B.C.’s food supply chain

Money to be used for social distancing, personal protective equipment, cleaning, and air circulation

More than ever before, as pandemic conditions persist, the threat of data breaches and cyberattacks continues to grow, according to SFU professor Michael Parent. (Pixabay photo)
SFU expert unveils 5 ways the COVID-19 pandemic has forever changed cybersecurity

Recognizing these changes is the first in a series of steps to mitigate them once the pandemic ends, and before the next: Michael Parent

Kevin Haughton is the founder/technologist of Courtenay-based Clearflo Solutions. Scott Stanfield photo
Islander aims Clearflo clean drinking water system at Canada’s remote communities

Entrepreneur $300,000 mobile system can produce 50,000 litres of water in a day, via solar energy

Most Read