Owners of empty homes in these 6 areas of B.C. are about to pay more

Owners of vacant properties are about to pay more in six parts of British Columbia.

The province announced Wednesday that its speculation and vacancy tax will be expanded in January. The spec tax is similar but separate from Vancouver's municipal empty homes tax.

Homeowners in the following communities will have to pay extra for vacant homes: Squamish, Lions Bay, North Cowichan, Duncan, Ladysmith and Lake Cowichan.

Noticeably absent is the resort municipality of Whistler.

Those who live in the area and do rent their homes out full time or live in them will, for the first time, have to declare an exemption for 2023 in January 2024.

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The provincial government estimates that more than 99 per cent of property owners are exempt.

Those who do not will be expected to pay, except for in special circumstances. The rate is two per cent of the property's assessed value for foreign owners and satellite families, and 0.5 per cent for Canadian citizens or permanent residents who are not members of a satellite family.

"Satellite" is a term used for untaxed worldwide earners, or those whose unreported income (in Canada) is greater than their reported total income. This income is calculated in combination with their spouse's income, when applicable.

The plan for the tax was to free up homes that could be rented out full-time to local residents, instead of sitting empty. Other goals included targeting condo flippers and tax evaders.

The NDP government says it's worked in the communities where the tax is already in effect, but Whistler was again left off the list announced Wednesday, despite a documented lack of rentals.

A year before the tax was first introduced, local business owners told CTV News the wait for rental housing could be three to 10 years. 

When the tax was introduced in 2018, then-finance minister Carole James announced a narrowing of its scope so it didn't impact British Columbians who own cottages and vacation properties outside of urban areas. 

The taxable regions in addition to those being added next year are:

• Capital Region District;
• Metro Vancouver;
• Abbotsford;
• Mission;
• Chilliwack;
• Kelowna and West Kelowna;
• Nanaimo; and
• Lantzville.

Detailed maps can be viewed online.