The provincial speculation and vacancy tax has so far generated $3.74 million through the first eight months of 2019 in the Greater Victoria area (Black Press File)

Speculation tax has generated about $3.74 million in Greater Victoria

Victoria, Saanich and North Saanich are the top three communities in the area

A provincial tax designed to curb speculation and improve housing affordability has so far raised $3.74 million in the Capital Regional District (CRD).

The figure appears in a technical briefing the provincial government submitted to mayors attending a meeting about the provincial speculation and vacancy tax, which so far has raised $58 million during the first eight months of 2019 across the province.

RELATED: Sidney could take additional action around speculation tax

RELATED: LETTER: Hard to feel sorry for those with second homes

RELATED: Sidney to ask the province to rethink speculation tax

According to the briefing, the CRD (with a 2016 census population of 383,360) generated the second-largest share of the overall revenue raised through 2019. Metro Vancouver with a 2016 census population of nearly 2.463 million accounted for 86 per cent of the total with $50 million. The Central Okanagan followed Metro Vancouver and Greater Victoria with $2.964 million, the Fraser Valley ($661,000) and Nanaimo ($621,000).

Looking at the core communities in the Greater Victoria area, the speculation tax raised $1.048 million in the City of Victoria during the 2018 calendar, followed by Saanich ($899,000) and Oak Bay ($477,000) during the same period. On the Saanich Peninsula, North Saanich led all communities with $618,000, followed by Sidney ($160,000) and Central Saanich ($73,000).

On the West Shore, Langford led with $146,000, followed by Sooke ($130,000) and Metchosin ($57,000).

The tax with its graduated rates for foreign homeowners (two per cent), Canadian citizens and permanent residents outside of British Columbia (one per cent), and those from British Columbia (0.5 per cent) applies to secondary homes vacant for six months of the year or more in the designated cities of Abbotsford, Chilliwack, Mission, Kelowna, West Kelowna, Nanaimo, Lantzville, Metro Vancouver and Greater Victoria.

Revenue from the tax totalled $115 million for the 2018-19 fiscal year with the money funding affordable housing projects where the tax applies.

The tax has come into full effect this year after the provincial government announced it during last year’s budget, prompting complaints from several municipalities, including Sidney, one of 39 municipalities where it applies.

The provincial government has said the tax has so far met its goals of curbing speculation and raising rental vacancy rates, but also announced that it would consider changes in the upcoming legislative session.


Like us on Facebook and follow us on Twitter

wolfgang.depner@peninsulanewsreview.com

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

Comments are closed

Just Posted

Plans for pot shop in Sidney spark back to life

Changing provincial regulations could clear the way for Sidney’s first ever pot shop

Woman who talked to unconscious husband, a Victoria police officer, for 30 years focus of study

Ian Jordan suffered a head injury when he and another officer were on their way to a call in Victoria in September 1987

Langford residents concerns rise over proposal for two 11-storey buildings

Group calls for more green space, independent traffic feasiblity study

New ECG will diagnose life-threatening emergencies in ‘timely manner’ in Sooke

Machine funded by the Sooke and Juan de Fuca Health Foundation

VIDEO: Dashcam footage shows Victoria police-involved crash

Video shows VicPD officer strike another vehicle at intersection

Greater Victoria Crime Stoppers wanted list for the week of July 7

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Would you get a vaccine for COVID-19 when it is available?

With the number of positive COVID-19 tests skyrocketing across much of the… Continue reading

Time to protect B.C.’s unique glass sponge reefs, conservation group says

Climate change is a “serious and immediate threat” to the 9,000-year old sponges: study

Time to protect B.C.’s unique glass sponge reefs, conservation group says

Climate change is a “serious and immediate threat” to the 9,000-year old sponges: study

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Indigenous leader Ed John pleads not guilty to historical sex charges

Ed John’s lawyer entered the plea by telephone on behalf of his client

RCMP investigate threat against Indigenous totem poles on B.C.’s Sunshine Coast

Police describe the nature of the threat as ‘sensitive’

Ex-Okanagan Mountie forfeits 20 days’ pay after sexual misconduct review

A former Vernon RCMP constable made sexual comments, grabbed genitals of male officer in two incidents 10 years ago

Most Read