BC's speculation tax going into effect for Kamloops

BC’s speculation tax is going into effect to over a dozen communities in 2025, including Kamloops.

Money from the speculation and vacancy tax (SVT) goes toward affordable homes in the regions where the tax applies.

The tax applies to vacant homes with the goal of getting them into the rental market.

The province announced in November 2023 that the program would be expanding to 13 new communities.

That includes Lake Country, Peachland, Vernon, Penticton, Summerland and Coldstream, Salmon Arm, Courtney, Comox, Cumberland, Parksville and Qualicum Beach.

Home owners in 59 communities will be mailed their declaration reminders before the Mar. 3, 2025 deadline.

According to the province, principal residences and residences occupied by a tenant remained the top two exemptions claimed by property owners in 2023.

“In 2023, $75.2 million was raised by the tax,” the province said in a news release.

“In 2023-24, the BC government invested $1.8 billion toward housing in the SVT specified areas.”

The government said a majority of the revenue came from non-BC residents.

Earlier this year, Premier David Eby defended the tax by saying it creates more rental homes.

Since 2018, the tax has helped add more than 20,000 units to the rental market in Metro Vancouver.