Province rakes in $ from speculation, vacancy tax

(File photo/ID 25752262 Wenling01 | Dreamstime.com)

B.C. Finance Minister Carole James said Thursday the province has raked in $115 million for the 2018-19 fiscal year where the speculation and vacancy tax (SVT) is applied.

James was in Vancouver, meeting with mayors from municipalities where the tax is applied, including Kelowna, Vancouver, Victoria and Nanaimo.

With more than 1.6 million declarations completed, data shows that 99.8 per cent of British Columbians were exempt, provincial data showed.

“Our government inherited a province at the peak of a housing crisis and committed to tackling this crisis head-on,” said James. “The speculation and vacancy tax is helping to make sure homes are being used for people, not speculation or money laundering. I look forward to meeting with the mayors to further discuss the first year of this tax and how it is working to make life better for British Columbians.”

The meeting takes place on an annual basis.