Speculation Tax: Local leaders tell province to let them decide

Speculation TaxLocal 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.

Read more: https://www.timescolonist.com/news/local/let-us-decide-on-speculation-tax-local-leaders-tell-province-1.23429342

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.


mentalhealth.jpg
December 19, 2018

Taking Care of #1 This Winter

The end of the year is a joyous time, but for some people it can be difficult. This year, instead of worrying about finding the perfect gift, attending all the parties or pretending everything is perfect, make sure you make time to take care of yourself and put your well-being first.
Read More
CCSPI Photo.jpg
November 16, 2018

Contract Awarded for Coastal Communities Social Procurement Initiative

The City of Victoria, on behalf of the Coastal Communities Social Procurement Initiative Steering Committee, is pleased to announce it has awarded a two-year contract to Scale Collaborative, Vancouver Island Construction Association, Buy Social Canada, and Presentations Plus to incubate a two-year Social Procurement Hub for the Coastal Communities Social Procurement Initiative (CCSPI).
Read More
VICA Halloween 2018.jpg
November 01, 2018

October 31: A Spirited Time for the Construction Industry

Over here at the Construction Association, we take full advantage of every opportunity to play dress up and act out of character, while still getting our jobs done. Some of us are super...and some of us are super twisted. We love seeing our members showing their spirited side as well!
Read More
Bains - Foreign Workers Annoucement.JPG
October 23, 2018

​Legislation better protects temporary foreign workers from exploitation

The legislation is intended to recognize the important role foreign workers have in B.C.’s growing economy. While most employers and recruiters are committed to treating foreign nationals fairly, there are some who require closer scrutiny and enforcement action. In 2017, there were 47,620 work permits issued for foreign workers destined for B.C. The third largest sector is accommodation and food services (8%), followed by construction (6%) and manufacturing (5%).
Read More