Ladysmith is one municipality the Speculation and Vacancy Tax will now apply to, along with North Cowichan, Duncan, Lake Cowichan, Lions Bay and Squamish.
A statement from the Ministry of Finance says the Speculation and Vacancy Tax now includes the municipalities of North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish. The statement says 99 per cent of people who live in B.C., can expect to be exempt for the 2023 tax year, but homeowners in the new municipalities, along with those already covered by the tax, must make formal declarations in the new year.
The tax, in place since 2018, covers most residential properties in the Metro Vancouver and Capital regional districts, the districts of Mission and Lantzville and the cities of Abbotsford, Chilliwack, Kelowna, West Kelowna and Nanaimo.The statement shows more than $313 million has been raised since 2018, with the money used to build new, more affordable types of housing.
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