The B.C. government is extending its speculation and vacancy tax to more communities starting in January 2023.
Squamish, Lions Bay, Duncan, North Cowichan, Ladysmith and Lake Cowichan will be added to the list, which already included Metro Vancouver, Greater Victoria, Nanaimo, Lantzville, Abbotsford, Mission, Chilliwack, Kelowna, and West Kelowna.
The tax rate is 2% of a property’s assessed value for foreign owners and satellite families and 0.5% for Canadian citizens or permanent residents.
Owners are exempt from the tax if it is their principal residence, they rent it at least six months of the year, they are disabled, the property was just inherited, it’s valued at less than $150,000, or if a person was away and it was vacant due to certain personal reasons.
