The speculation and vacancy tax raised about $1.21 million in Sidney and North Saanich combined. (Black Press Media file photo).

The speculation and vacancy tax raised about $1.21 million in Sidney and North Saanich combined. (Black Press Media file photo).

North Saanich and Sidney property owners paid $1.21 million in speculation and vacancy tax

Speculation and vacancy tax raised $6.5 million in Greater Victoria

New figures show a provincial tax designed to curb speculation and improve housing affordability raised $901,000 and $318,000 from property owners in North Saanich and Sidney in 2019.

The two municipalities with a combined population of just under 23,000 (as of 2016 census) contributed to 18.4 per cent (or just $1.21 million) of the $6.5 million that speculation and vacancy tax raised from residential property owners in the Capital Regional District (CRD) with a population of 383,360 (as of 2016 census). The contribution of the Saanich Peninsula goes even higher when including the largest community, Central Saanich and its population of 16,814. Properties subject to the speculation tax in that community brought in $155,000, bringing the total to $1.374 million.

Oak Bay with a population of just over 18,094 (as of 2016 census) was another small community that made a large contribution with property owners paying $693,000.

Properties in Saanich, the CRD’s largest municipality whose population of 114,145 is roughly five times larger than the combined population of North Saanich and Sidney and more than six times larger than the population of Oak Bay, contributed $1.68 million in reflecting the higher-end, many of them beach-fronting, properties found in those smaller communities.

The province-wide haul was $88 million for the year.

RELATED: 74 Oak Bay property owners paid $693,000 in spec tax

Affected property owners have been paying the tax since 2018 with revenue supporting programs designed to create affordable housing in the five regional districts where the tax applies, Metro Vancouver, Fraser Valley, Central Okanagan, Nanaimo and the Capital Region.

Under the current rates, foreign owners and satellite families pay two per cent of assessed property values. British Columbians, and other Canadian citizens or permanent residents, who are not members of a satellite family, pay 0.5 per cent.

The provincial government exempts property owners who either live in their respective home as their principal residence or rent out their property for at least three months of the year. Homes not used as principal residences must be rented for at least six months per year to be eligible for exemption.

For the second year, more than 99.9 per cent of British Columbians did not pay the tax, according to a provincial briefing.


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

wolfgang.depner@peninsulanewsreview.com

Just Posted

Police are investigating after a man was killed at a home on Cowichan Lake Road early Monday morning. (Kevin Rothbauer/Citizen)
Police investigating early-morning murder in Duncan

One arrested after man killed at Cowichan Lake Road home

Island Health chief medical officer Dr. Richard Stanwick receives a first dose of Pfizer vaccine, Dec. 22, 2020. (B.C. government)
COVID-19: B.C. seniors aged 90+ can start to sign up for vaccination on March 8

Long-term care residents protected by shots already given

Firefighters from three departments battled a house fire south of Nanaimo for more than nine hours Sunday. (Photo courtesy Martin Leduc)
Home in Cedar destroyed by fire

Firefighters from three fire departments battle blaze fanned by strong winds Sunday

Police have identified the vehicle involved in the Feb. 14 hit-and-run in Chemainus and are continuing to investigate. (Black Press Media files)
Police seize and identify suspect vehicle in fatal Chemainus hit-and-run

Investigation expected to be lengthy and involved

Wildlife advocate Gary Schroyen captured this picture of a one-year-old cougar in the Sooke Hills using a homemade trip camera. Vancouver Island is home to approximately 800 cougars, which makes up about a quarter of the total population in B.C. (Gary Schroyen photo)
Wildlife advocate Gary Schroyen captured this picture of a one-year-old cougar in the Sooke Hill using a homemade trip camera. Schroyen presents Animal Signs: The Essence of Animal Communication on Nov. 30. (Gary Schroyen photo)
Declining Vancouver Island cougar populations linked to wolves

Large carnivore specialist says human development still plays biggest role on cougar numbers

Langley resident Carrie MacKay shared a video showing how stairs are a challenge after spending weeks in hospital battling COVID-19 (Special to Langley Advance Times)
VIDEO: Stairs a challenge for B.C. woman who chronicled COVID-19 battle

‘I can now walk for six (to) 10 minutes a day’

A cougar was spotted Monday near Queneesh Elementary. (WildSafe BC photo)
Cougar sighted Monday near Courtenay school

Public to avoid the wooded areas around Queneesh Elementary

The Save-On-Foods Memorial Centre has reopened with 45 shelter spots for people experiencing homelessness in Victoria. (Courtesy of Save-On-Foods Memorial Centre)
Save-On-Foods Memorial Centre shelter in Victoria reopens with spots for 45 people

Arena is an interim step until long-term housing is found

Visitors relax at the natural hot springs located within Maquinna Marine Provincial Park. (tofinohiking.com photo)
Maquinna Marine Provincial Park boardwalk project on track

“The walk down the two-kilometre boardwalk to the springs itself is by far one of the most incredible experiences.”

Provincial health officer Dr. Bonnie Henry updates B.C.’s coronavirus situation, May 8, 2020. (B.C. government photo)
B.C.’s weekend COVID-19 cases: 532 Saturday, 508 Sunday, 438 Monday

Fraser Health still has most, eight more coronavirus deaths

B.C. Attorney General David Eby speaks in the legislature, Dec. 7, 2020. Eby was given responsibility for housing after the October 2020 provincial election. (Hansard TV)
B.C. extends COVID-19 rent freeze again, to the end of 2021

‘Renoviction’ rules tightened, rent capped to inflation in 2022

Face mask hangs from a rear-view mirror. (Black Press image)
B.C. CDC unveils guide on how to carpool during the pandemic

Wearing masks, keeping windows open key to slowing the spread of COVID-19

Most Read