We've taken a deep dive into the recently-released 2021 Speculation and Vacancy Tax data for BC. realestate realestatenews speculation
. Less tax revenue may appear to be a bad thing, but in the case of the Speculation and Vacancy Tax, it can rightfully be a positive as it’s likely a subtle indication that the amount of vacant homes in the Province is decreasing.
The Province says that 99.8% of British Columbians remain exempt from the tax, but when there’s that much tax revenue coming in, it’s useful to know exactly where it’s coming from and where it’s going.Of the $78.4M — $78,428,393, to be exact — collected in 2021, “satellite families” accounted for the largest portion, at $24.1M. The Province defines satellite families as those with a majority of their income coming from outside of Canada.
By region, Metro Vancouver accounted for a large majority of the tax revenue, with $55,036,707, or 70.2%. Second-highest were those from the undeclared group, at $8,702,293 , third was the Capital region at $6,613,428 , followed by the Central Okanagan area at $4,883,414 , the Fraser Valley at $2,337,699 , and Nanaimo at $854,852 . Notable is that tax revenue for nearly all the regions increased just slightly from 2020 to 2021, except for Metro Vancouver, where SVT revenue dropped from $59.
By region, while less SVT revenue was collected in Metro Vancouver, BC Housing expenditures in Metro Vancouver increased from $686,400,000 to $749,400,000, a 9.2% increase. Investment in the Fraser Valley also increased from $68.4M to $78.0M, as well as in Nanaimo, from $42.1M to $52.1M.
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