Not all communities consulted about expansion of B.C.'s speculation tax

Several new communities will soon be subject to the speculation and vacancy tax, the province announced Wednesday.

The province will be adding 13 municipalities next year, to the 46—including those in the Metro Vancouver and Capital regional districts—already captured by the tax.

“It has been making a difference in these communities and we have to keep going,” said Housing Minister Ravi Kahlon.

Eight of the new spots are in the Okanagan and Southern Interior, including Penticton, Vernon and Kamloops.

And five are on Vancouver Island, including Courtenay, Qualicum Beach and Parksville.

“Homes shouldn’t be left empty, and they shouldn't be used as investments for speculators,” said Finance Minister Katrine Conroy.

Asked about the new additions to the list, bringing the total to 59 communities, Conroy said many had sought out the change.

“Times have changed and housing has become more unaffordable, and communities are asking for it,” she said.

Not all the places on the new list were happy about it, however. Penticton’s mayor, Julius Bloomfield, issued an online statement Wednesday afternoon that included, “It is extremely disappointing that this action has been taken with zero consultation.”

The statement continues, “That this unilateral decision to expand the speculation tax to our community has come at the same time we’re still trying to understand the consequences of the changes to the short-term (rental) regulations is especially concerning. We are very worried about the unintended consequences for our local economy by these actions.”

Meanwhile, Courtenay’s mayor, Bob Wells, said Wednesday he's happy his community has been added after pushing to be included—because 3.1 per cent of dwellings there sit empty.

“It’s pretty dire, I would say in Courtenay, I mean right now. We’re looking at a 0.8 per cent (vacancy) rate, and that’s an average, so depending on what you’re looking for, that could be as low as zero per cent,” said Wells Wednesday.

Property owners in the newest communities on the list will have to declare in 2025 how they used their property in 2024.