The speculation and vacancy tax raised about $1.21 million in Sidney and North Saanich combined. (Black Press Media file photo).

The speculation and vacancy tax raised about $1.21 million in Sidney and North Saanich combined. (Black Press Media file photo).

North Saanich and Sidney property owners paid $1.21 million in speculation and vacancy tax

Speculation and vacancy tax raised 6.5 million in Greater Victoria

New figures show a provincial tax designed to curb speculation and improve housing affordability raised $901,000 and $318,000 from property owners in North Saanich and Sidney in 2019.

The two municipalities with a combined population of just under 23,000 (as of 2016 census) contributed to 18.4 per cent (or just $1.21 million) of the $6.5 million that speculation and vacancy tax raised from residential property owners in the Capital Regional District (CRD) with a population of 383,360 (as of 2016 census). The contribution of the Saanich Peninsula goes even higher when including the largest community, Central Saanich and its population of 16,814. Properties subject to the speculation tax in that community brought in $155,000, bringing the total to $1.374 million.

Oak Bay with a population of just over 18,094 (as of 2016 census) was another small community that made a large contribution with property owners paying $693,000.

Properties in Saanich, the CRD’s largest municipality whose population of 114,145 is roughly five times larger than the combined population of North Saanich and Sidney and more than six times larger than the population of Oak Bay, contributed $1.68 million in reflecting the higher-end, many of them beach-fronting, properties found in those smaller communities.

The province-wide haul was $88 million for the year.

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

Affected property owners have been paying the tax since 2018 with revenue supporting programs designed to create affordable housing in the five regional districts where the tax applies, Metro Vancouver, Fraser Valley, Central Okanagan, Nanaimo and the Capital Region.

Under the current rates, foreign owners and satellite families pay two per cent of assessed property values. British Columbians, and other Canadian citizens or permanent residents, who are not members of a satellite family, pay 0.5 per cent.

The provincial government exempts property owners who either live in their respective home as their principal residence or rent out their property for at least three months of the year. Homes not used as principal residences must be rented for at least six months per year to be eligible for exemption.

For the second year, more than 99.9 per cent of British Columbians did not pay the tax, according to a provincial briefing.


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

wolfgang.depner@peninsulanewsreview.com

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

Just Posted

West Shore RCMP is asking for the public’s help in locating Mackenzie Courchene, a Langford teenager.
MISSING: Mackenzie Courchene last seen in Langford on March 2

West Shore RCMP is asking for the public’s help in locating the Langford teenager

Rendering of the proposed Esquimalt public safety building. (Courtesy Township of Esquimalt)
Esquimalt blazes new trail toward modern public safety building

Township using alternative approval process for first time to gauge public support for proposal

Landmarks such as Howard the giant gnome at Galey's Farm in Saanich make a stunning backdrop for celebratory dance in the Greater Victoria Festival Society trailer for its coming Dance Victoria campaign. (Screeshot/Greater Victoria Festival Society)
Residents’ videos help campaign Dance Across Victoria

Celebratory dance clips to be compiled into Greater Victoria Festival Society video

Reynolds Secondary School’s spring musical Freaky Friday features Grace Fouracre as teen Ellie Blake (left) who swaps bodies with her overworked mother, Katherine, played by Nadia Lurie. (Photo courtesy Reynolds Secondary School)
Saanich high school goes virtual with Freaky Friday musical

Reynolds Secondary theatre program to livestream performances March 9-12

Saanich Fire Department. Black Press Media File Photo
Fire displaces three Saanich families from two homes

Saanich firefighters found the fire had spread to a neighbouring home upon arriving

Elvira D’Angelo, 92, waits to receive her COVID-19 vaccination shot at a clinic in Montreal, Sunday, March 7, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
‘It’s been a good week’: Tam hopeful on vaccines as pandemic anniversary nears

Tam says the addition of two new vaccines will help Canadians get immunized faster

Const. Allan Young. Photo: Abbotsford Police Department
Manslaughter charge laid in Nelson death of Abbotsford police officer

Allan Young died after an incident in downtown Nelson last summer

(The Canadian Press)
‘Worse than Sept. 11, SARS and financial crisis combined’: Tourism industry in crisis

Travel services saw the biggest drop in active businesses with 31 per cent fewer firms operating

The Port Alice pulp mill has been dormant since 2015. (North Island Gazette file photo)
Parts recycled, life returning to inlet as as old Port Alice mill decommissioned

Bankruptcy company oversees de-risking the site, water treatment and environmental monitoring

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

Most Read