Home Canada Province of BC collected less speculation vacancy tax revenue in 2021 – Kelowna News

Province of BC collected less speculation vacancy tax revenue in 2021 – Kelowna News

by News Desk
0 comment

The BC government raised less money from speculation and vacancy taxes in 2021 than it did in 2020.

Vacant home taxes raised more than $78 million last year, down from $81 million the year before.

Foreign owners and satellite families continue to pay the bulk of the tax, collectively accounting for $44.4 million, or nearly 57% of SVT’s total revenues in 2021.

The number of British Columbians paying SVT in 2021 has decreased by 4.3% compared to the 2020 tax year.

in kelowna, taxes generated $3.23 million. In 2021, the majority of homeowners listed their home as their primary residence in Kelowna, with 19,514 units rented.

Interstate Canadians occupy 3,718 of the city’s 72,697 residential areas. Foreign owners occupied only 242 properties.

Kelowna 2021 revenue breakdown by owner type. BC Residents $914,000, Other Canadians $1.4 million, Foreign Owners $152,000, Satellite Families $514,000, “Others” $250,000.

An analysis of 2021 data shows that the tax continues to encourage people to use residential properties as homes or rentals, according to the government. As a result, between 2020 and 2021, approximately 26,000 additional property owners have applied for a primary residence exemption because their units are no longer vacant. This figure suggests that SVT is changing property owner behavior and increasing long-term housing.

The state says it has reinvested $1.1 billion in tax-collecting communities to support affordable housing.

However, former Kelowna mayor Colin Baslan has outspoken concerns that the taxation is not having the desired effect in the central Okanagan.

In a letter to Treasurer Selina Robinson in January 2021, Baslan said the tax’s two key goals of slowing home price rises and increasing rental supply were being met in a meaningful way in the city. claimed not to.

Since then, Kelowna’s rental vacancy rate has fallen to 0.6% this year.

The BC government plans to expand SVT in 2023 to include North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lyons Bay and Squamish.

“It’s not just big cities like Vancouver and Victoria that are facing a housing crisis.In small and medium-sized communities like North Cowichan, people are struggling for affordable housing. said North Cowichan Mayor Rob Douglas. “We are pleased that the state is extending the speculation and vacancy tax to our community. We look forward to the proceeds raised from this tax being invested in affordable housing projects in our area.” I have.”

You may also like

Leave a Comment

Copyright ©️ All rights reserved. | Canadian Trends