Speculation and vacancy tax generating millions, is being expanded, B.C. government says
The B.C. government is heralding the latest revenue data from its speculation and vacancy tax, saying it is generating millions of dollars in revenue which in turns helps to increase the amount of affordable housing.
At the same time, it has led to thousands of residential units coming onto the long-term rental market, it said.
Provincewide, the tax brought in just over $78 million in 2021. Of that, $44.4 million or nearly 57 per cent, came from foreign owners and “satellite families.”
Revenue is returned to communities subject to the tax in the form of affordable housing. In 2021-2022, the province invested $1.1 billion in the taxed areas, the province said Tuesday.
”Our latest data shows the speculation and vacancy tax is encouraging people to use residential units as homes,” said Finance Minister Selina Robinson.