
Speculation Tax: Local leaders tell province to let them decide
Local governments, not the province, should determine whether to impose a speculation tax on vacant properties, B.C. municipal leaders have agreed. But Finance Minister Carole James said the provincial government plans to move ahead with the new tax.
Delegates to the Union of B.C. Municipalities convention in Whistler have overwhelmingly supported a resolution put forward by Oak Bay calling on the province to replace the proposed speculation tax by giving local governments authority to collect a levy on vacant residential properties if they choose.
Langford Mayor Stew Young, who supported Oak Bay’s resolution, said the housing market is already slowing down and the imposition of a speculation tax could send it into “free-fall.” “If you put in a spec tax in a down economy, artificially, by the government, then you’re going to have a real problem. You’ll never recover,” Young said.
BACKGROUND
The speculation tax was announced in the Feb. 20 budget. It adds a surcharge on second homes that are vacant in certain communities, but provides exemptions if the property is rented at least six months of the year or is valued at less than $400,000. Starting next year, owners who leave properties vacant would be charged a surtax of 0.5 per cent of assessed value for 2018.
That would increase to two per cent of assessed value in 2019 for foreign investors and “satellite families,” one per cent for Canadian citizens and permanent residents who don’t live in B.C., and 0.5 per cent for B.C. residents who are citizens or permanent residents.


Technology Students Available for Hire for 2019 Summer

Feeling the love: Construction leaders contribute to the community through charity casino

Canadian Construction Association (CCA) introduces mentorship pilot program

Mazzei Electric & Waymark Architecture recognized for their work at Business Excellence Awards

Why Millennials Are Great for Engineering and Construction [Excerpt]

Exposing the vulnerable side of cranes and other heavy machinery through hackers

BC Government launches southern Vancouver Island transportation strategy

Targeted relief on Aluminium and Steel: Stability is still needed

Taking Care of #1 This Winter

Island construction companies support local families through VICA's Holiday Toy Drive

Lean Construction: Changing The Way Industry Works Together

CVRD Issues RFP for Water Treatment Project Following Grant Funding Announcement

Victoria Airport Authority Announces New Directors; Paul Gerrard of Irwin Industries Elected

Canadian Construction Industry on the Hill: Unite. Evolve. Lead

CCA applauds government’s initiatives to restore business confidence

Q3 2018: Apartment building stalls in the CRD; growth accelerates in the Alberni-Clayoquot & Mount Waddington RD

Contract Awarded for Coastal Communities Social Procurement Initiative

Gender Equality Conference Aims to Explore Gender Biases in the Workplace

NIC Plumbing apprentice urges women to explore the trades

October 31: A Spirited Time for the Construction Industry

Suicide the second leading cause of death in the construction industry

A fresh face for the Vancouver Island Construction Association Board of Directors
Legislation better protects temporary foreign workers from exploitation
VICA Members Volunteer Time & Supplies for HeroWork's latest "Radical Renovation"
BECOME A MEMBER TODAY!
The construction industry is a dynamic and exciting realm that faces both unique challenges and extraordinary opportunities. By joining VICA, you not only build your business, but you also build up the industry you're proud to be a part of.
JOIN NOW