Whereas vacant residential properties are not in the best interests of BC communities; And whereas local governments are best placed to determine the nature and extent of the adverse impacts of vacant residential properties and to administer exemptions based on local needs; And whereas a levy administered and retained by local government on vacant residential properties can be a way to encourage the availability of more rental accommodations; And whereas revenues from such a levy on vacant residential properties would assist a local government directly or through regional pooling to create and encourage non-market housing: Therefore be it resolved that UBCM urge the Province to replace the approach in the current proposed Speculation Tax with a provision to empower local governments to collect a levy on vacant residential properties and to require local governments that choose to impose such a levy to invest the revenues in non-market housing.
Ministry of Finance and Ministry of Municipal Affairs and Housing B.C.s housing crisis has spiralled out of control, hurting people, businesses and communities. As a government, we have a responsibility to tackle housing affordability so that families, renters, students, seniors and others have an affordable place to live. Government created a 30-point housing plan to help people find a home where they work. One part of that plan is a speculation tax that targets foreign owners, satellite families, and those with homes that sit empty. It is focused on the largest urban centres, facing the most serious housing affordability crises, and addresses the issue of property owners who do not pay taxes here and take housing stock out of the market. The speculation tax is best administered at the provincial level as the Province has the most appropriate audit and compliance tools for administering the tax. This is especially important when it comes to the satellite family and foreign owner components of the tax. Revenue from the speculation tax will help to fund important housing affordability initiatives in B.C. The Province will monitor the speculation tax closely to ensure it meets the needs of British Columbians and will make adjustments as necessary.