BC is expected to expand the Speculation and Vacancy Tax in order to help mitigate the housing crisis in newer communities.
A report revealed that the tax works in existing areas by helping to keep housing prices and rents lower than they would have been without the tax and the tax’s expansion into communities facing acute housing shortages will help prevent people from taking advantage of these exempt communities.
The report on tax, which was independent, also suggested the expansion to help protect housing in other areas of the province experiencing similar concerns.
These tax changes will come into effect in January 2023, meaning residential property owners will be able to declare and claim an exemption for the first time in January 2024, which will be available for primary residences, properties with a long-term tenant and several other special circumstances.
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