In honor of National Housing Day, the Province of BC has released some data showing that the speculation and vacancy tax is continuing to make empty units into homes as well as supporting the creation of additional affordable housing.
Over $78 Million was raised via the tax last year, which went back into affordable housing in areas covered by the tax and through 2021 and 2022, the Province has invested $1.1 billion in these tax-specified areas.
The tax is a part of the provincial government’s 30-point housing plan that includes historic levels of investment in housing in communities throughout BC.
Further analysis of last year’s data shows the tax encourages people to use their residential properties as a home or as rentals for other people, which resulted in nearly 26,000 additional property owners claiming the principal residence exemption because since their unit was no longer vacant between 2020 and 2021.
This tax has also been listed as part of the province’s 10-year, $7-billion Homes for BC plan.
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