Whereas the Province has adopted vacancy taxes on vacant residential properties as one tool to assure land speculation does not result in property standing fallow to the detriment of community livability and other goals; And whereas commercial property values are inflating province-wide, and increasingly face investment speculation resulting in similar underutilization of commercial property in many municipalities across British Columbia: Therefore be it resolved that UBCM urge the Province of BC to provide local governments with an option to introduce a vacant property tax applicable to commercial and industrial properties.
Ministry of Finance The Province is committed to working with our local government partners to address speculative investment in property markets. Designing an authority for a vacant property tax on commercial and industrial properties for local governments would require amendments to the Community Charter. As local governments vary in resources and needs, the Province would have to undertake careful consultation and analysis before fully considering such a change.