NDP MLA Ronna-Rae Leonard says expansion of Speculation and Vacancy Tax will open more homes for people in Courtenay and Comox
COMOX – NDP MLA Ronna-Rae Leonard says that the recent announcement of the expansion of the Speculation and Vacancy Tax (SVT) to Courtenay and Comox will help more people in the region find homes to live in.
“People in Courtenay and Comox need housing, implementing the SVT in Courtenay and Comox will help to make more homes available for people in our community to live in,” said Ronna-Rae Leonard, MLA for Courtenay-Comox. “I’m pleased our local leaders have been supportive of this initiative that will make a difference for people in Courtenay and Comox.”
Courtenay and Comox are two of the 13 new municipalities where the tax is being expanded to, nearby Cumberland is also a part of this list. This expansion is part of B.C.’s Homes for People Plan, which includes actions to fight real estate speculation, speed up the creation of new homes, and expand the types of homes that can be built in B.C. to deliver more homes, faster to people living in B.C.
The Speculation and Vacancy Tax has shown to be an effective way to return empty homes to the market and invest in communities. Since 2018 it has raised $313 million which goes back into affordable housing in regions where the tax is applied. In Vancouver alone, the Speculation and Vacancy Tax has helped to deliver over 20,000 homes. This tax does not apply to 99% of people living in British Columbia and exemptions can include primary residences, residences with long-term tenants, and life events such as divorce.
Property owners in these municipalities will need to declare for the first time in January 2025, based on property use in 2024.
Learn More: https://news.gov.bc.ca/29900