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.