Forty-two residential properties in Oak Bay were assessed the speculation and vacancy tax in 2019 for a total of $693,000 (Uplands neighbourhood pictured). (Travis Paterson/News Staff)

Forty-two residential properties in Oak Bay were assessed the speculation and vacancy tax in 2019 for a total of $693,000 (Uplands neighbourhood pictured). (Travis Paterson/News Staff)

74 Oak Bay property owners paid $693,000 in spec tax

42 properties were assessed with the SVT in 2019

The province released its updated speculation and vacancy tax on Monday and included is a breakdown of the real estate ownership for Oak Bay from 2019.

The speculation and vacancy tax (SVT) recovered $693,000 from Oak Bay, part of a total $6.5 million in tax revenue from residential property owners (properties with livable units on them) in the Capital Regional District. B.C. netted $88 million for the year.

The Ministry of Finance report shows 6,226 of the 6,268 residential properties in Oak Bay were exempt in 2019. That means the $693,000 was paid on 42 properties, an average of $16,500 per Oak Bay speculation and vacancy tax assessment. That’s up from the 2018 total of $477,000.

READ ALSO: Speculation tax doesn’t slow B.C.’s hot housing market

READ MORE: Oak Bay homeowners to pay (total) of $477,000 in spec tax

Since the SVT was introduced in 2018 its revenue has been put towards funding housing, shelter or rental initiatives in the five regional districts where the tax applies, Metro Vancouver, Fraser Valley, Central Okanagan, Nanaimo and the Capital Region. In that time the vacancy rates have increased by seven per cent.

The 42 non-exempt Oak Bay properties have a combined 74 owners (as some have multiple owners). Of those owners that qualified for the SVT in 2019, 34 were from B.C., 13 were out of province, 14 were out of country, eight received satellite family status and five were other situations.

Foreign owners paid $235,000 of Oak Bay’s spec tax, B.C. residents paid $99,000, satellite families paid $162,000, other Canadians paid $85,000, while $111,000 was categorized as “other residential,” (housing types which do not fit into the categories, such as a duplex).

(A satellite family is a couple of which one or both live in the SVT area but work outside the country and more than 50 per cent of their combined household income is declared in another country.)

Oak Bay couple dinged $6,000 speculation tax believe retirees unfairly targeted

The leading causes for exemptions among Oak Bay property owners (8,624 use the property as their principal residence and 1,156 are tenanted), were 127 recently acquired homes, 100 under construction or renovation, 88 with a rental restriction, 56 due to the recent death of an owner, 31 had no residence on the property, nine were recent cases of separation or divorce, seven were residential care facilities, and 31 were exempt for a variety of other reasons.

In total, 906 properties in the Capital Regional District were assessed the SVT for 2019. Data shows 327 were detached homes, 40 were townhouses, 513 were condos, and 26 were another variation. Foreign ownership made up 44 of the 110 detached homes and 59 of the condos, whereas 566 of the detached home and condo owners were from B.C. or Canada and 85 more were designated as “satellite families,” wherein one of the partners works in a separate community.

reporter@oakbaynews.com

Just Posted

Flowers and candles were laid on the driveway of the Weber home, where Kerri Weber was found dead in November 2020. (Black Press Media file photo)
Langford man to stand trial for death of his wife last November

Ken Weber is charged with second-degree murder of his wife, Kerri Weber

Police dog Obi assisted in an arrest Tuesday night after a man reportedly damaged a Victoria restaurant with a large steel beam. (Courtesy of VicPD)
Police dog called in after Victoria restaurant damaged with steel beam

Suspect reportedly entered restaurant and started damaging walls

Police dog Hitch helped arrest a man who had reportedly threatened the security guards of a Victoria shopping centre with a knife on June 15. (Photo courtesy of VicPD)
Man with knife arrested after reportedly threatening Bay Centre security guards

The K9 unit’s police dog, Hitch, was deployed to assist with the arrest

Kidspace, which took over the YMCA-YWCA childcare centre at Eagle Creek Village, plans to reopen the Y’s fitness centre as the Eagle Creek Athletic Club in September. (Photo courtesy of Kidpsace)
Former Y fitness centre in View Royal aims to reopen in September

Kidspace taking over both the gym and the childcare facility at Eagle Creek Village

GardenWorks nursery in Oak Bay at its home until August. (Black Press Media file photo)
GardenWorks puts down new roots in Oak Bay this summer

Nursery shifts down The Avenue to fill former fitness studio space

Maxwell Johnson is seen in Bella Bella, B.C., in an undated photo. The Indigenous man from British Columbia has filed complaints with the B.C. Human Rights Tribunal and the Canadian Human Rights Commission after he and his granddaughter were handcuffed when they tried to open a bank account. THE CANADIAN PRESS/HO-Heiltsuk Nation, Damien Gillis, *MANDATORY CREDIT*
VIDEO: Chiefs join human rights case of Indigenous man handcuffed by police in B.C. bank

Maxwell Johnson said he wants change, not just words, from Vancouver police

The discovery of a missing woman’s body in Nanaimo earlier this month is now being treated as homicide, say Nanaimo RCMP. (File photo)
Discovery of woman’s body in downtown Nanaimo now being investigated as a homicide

Amy Watts was found dead near Albert Street and Victoria Crescent on June 3

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

B.C. Premier John Horgan listens as Finance Minister Selina Robinson presents the province’s latest budget, April 20, 2021. The budget projects $19 billion in deficits over three years. (Hansard TV)
B.C. government budget balloons, beyond COVID-19 response

Provincial payroll up 104,000 positions, $10 billion since 2017

Ocean debris is shown on Long Beach in Tofino, B.C. on April, 18, 2012. THE CANADIAN PRESS/Jonathan Hayward
Shoreline cleanup finds COVID-related trash increased during height of the pandemic

Great Canadian Shoreline Cleanup reports litter from single-use food packaging nearly doubled

Doctor David Vallejo and his fiancee Doctor Mavelin Bonilla hold photos of themselves working, as they kiss at their home in Quito, Ecuador, Wednesday, June 9, 2021. Doctor Vallejo and Doctor Bonilla suspended their wedding in order to tend to COVID-19 patients and in the process Vallejo got sick himself with the disease, ending up in an ICU for several days. (AP Photo/Dolores Ochoa)
Love, sacrifice and surviving COVID-19: one couple’s story

COVID hits Ecuadorian doctors who delayed wedding to treat sick

The Tsow-Tun Le Lum Society, which has been operating a treatment centre on land leased from the Nanoose First Nation for 35 years (pictured), has begun a fundraising campaign to open a new centre near Duncan. (Tsow-Tun Le Lum Society photo)
New residential school healing centre to be built near Duncan

$5-million Indigenous treatment centre will help survivors of residential schools heal

Two Lotto Max tickets sold on Vancouver Island were winners, though nobody won the $70-million jackpot in Tuesday’s draw. (BCLC image)
Vancouver Island lottery players win $1 million and $500,000 in Lotto Max draw

$1 million ticket sold in Campbell River, $500,000 ticket sold in Nanaimo

St. Joseph's Mission site is located about six kilometres from Williams Lake First Nation. (Photo submitted)
Williams Lake First Nation to search residential school site for unmarked graves

St. Joseph’s Mission Indian Residential School operated from 1886 to 1981

Most Read