Burnaby

British Columbia Announces Expansion of Speculation and Vacancy Tax to High Housing Cost Regions in 2025

City Council Meeting
Date: 2024-01-29
developmentfinance



Key points from the document:

  • 2025 Expansion: Fraser Valley, Okanagan, and other high housing cost regions included.
  • Tax Rate Increase: Foreign owners and satellite families to face 2.5% tax rate in 2025.
  • New Exemption: Properties under construction or renovation to receive exemption.
  • Simplified Process: SVT declaration process to be streamlined for property owners.
  • Future Measures: Province to explore additional measures for housing affordability beyond SVT.
Main minute
Speculation and Vacancy Tax 2024-01-29.pdf
Attachment 1 - Letter to the Province from the Mayor.pdf
Attachment 2 - 2022 SVT Technical Briefing.pdf