Whereas encouraging unoccupied residential properties to become available for long-term occupancy represents an opportunity to increase the availability of housing in our communities; And whereas the authority to adopt an Empty Homes Tax is not currently available to municipalities operating outside of the Vancouver Charter: Therefore be it resolved that UBCM call upon the Province of British Columbia to amend the Community Charter to enable municipalities to administer a specific property tax on unoccupied Class 1 Residential properties, with net revenues to be used by the municipality towards affordable housing projects.
Ministry of Municipal Affairs, Ministry of Finance and Ministry of Housing The Ministries of Municipal Affairs, Finance and Housing are committed to working with our local government partners to address affordable housing issues in BC. The Speculation and Vacancy Tax was recently expanded to 13 new communities including Vernon, Coldstream, Penticton, Summerland, Lake Country, Peachland, Courtenay, Comox, Cumberland, Parksville, Qualicum Beach, Salmon Arm, and Kamloops. This tax is continuing to contribute to the ongoing moderation of BCs housing market and now applies beyond the initial large urban centres to address affordability in more communities. This tax is designed to turn empty homes into housing for British Columbians. All revenue generated by the speculation and vacancy tax is required to go into the Housing Priority Initiatives Special Account, which supports affordable housing initiatives in the areas where the tax is collected. The province has committed to an investment of 7 billion in housing affordability over 10 years. In 2023 the Growing Communities Fund provided an additional one-time total of 1 billion in grants distributed among all of BCs local governments to support the delivery of infrastructure projects necessary to enable community growth. Speculation and vacancy tax is just one initiative to support these significant housing investments. In 2023, the province passed legislation to reduce the number of short-term rentals, freeing up more properties for homes. The province also passed new housing legislation that aims to address persistent permitting and zoning challenges, speed up delivery and increase the supply of middle-income housing. As local governments vary greatly in resources and needs, assessment of the impact of the measures in the Homes for People Plan and recent legislative initiatives is required before consideration of a local vacancy tax for other local governments similar to what was granted to the City of Vancouver in 2016.