Province addresses Speculation Tax questions
Finance Minister Carole James has released more details on the Speculation Tax announced in the budget.
The Regional District of Nanaimo had complained by selectively applying the tax to the RDN and not the surrounding municipalities, like Cowichan or Comox, the District was at a competitive disadvantage when it comes to attracting development.
James says residents with empty homes in Nanaimo and Lantzville will pay the tax but the boundaries were adjusted when it comes to the Nanaimo Regional District and Parksville and Qualicum are no longer included.
That news should also be some comfort to the Islands Trust who had written to James saying homeowners with houses or cottages that may be subject to the tax are, in fact unsuitable for long-term rental because, for example, they are not constructed for year-round living, or they have only private boat access, or, are in an isolated locations without services.
Chair of the Islands Trust Council, Peter Luckham says non-resident ownership in the Trust jurisdiction ranges from 27 per cent to 65 per cent, with approximately 8 per cent of properties owned by non-BC residents.