The BC Government is expanding the speculation and vacancy tax to the City of Kamloops.
The Tournament Capital was one of 13 new communities added to the list this week, with Salmon Arm, Vernon, Coldstream, Penticton, Summerland, Lake Country, and Peachland the other Interior communities.
In January 2025, the Government says residential property owners in these communities will need to declare how they used their property in 2024. They say it gives people time to decide how to meet exemption requirements before the tax takes effect.
Exemptions include properties being used as primary residences, properties with a long-term tenant, and life events like separation or divorce.
“There’s something wrong when people are buying up investment homes and keeping them empty while others are living in vehicles and can’t find housing,” said Housing Minister Ravi Kahlon said. “Homes are meant to be lived in by people in our communities, not used for speculation.”
“While some would cancel the speculation tax – giving a handout to speculators and turning homes back into empty condos – we know that people can’t afford that. We’re taking action to make more homes available for people throughout the province.”
The speculation and vacancy tax rate is 2 per cent for people who don’t pay the majority of their taxes in Canada, or 0.5 per cent for Canadian citizens or permanent residents who pay the majority of their taxes in Canada.
The B.C. Government also says more than 99 per cent of people living in B.C. are exempt from paying the tax.
“There is a housing crisis across the country and it is creating economic challenges, including people feeling pushed out of their communities and labour shortages,” Finance Minister Katrine Conroy added.
“With so many people struggling to find secure housing, we have to keep taking action – we can’t afford to pull back. The speculation tax is one of the ways we can help increase affordable housing options for people and communities.”
Kamloops is also the only Interior community subject to new provincial housing targets under B.C.’s Housing Supply Act that was passed last year.
