The speculation and vacancy tax raised about $1.21 million in Sidney and North Saanich combined. (Black Press Media file photo).

The speculation and vacancy tax raised about $1.21 million in Sidney and North Saanich combined. (Black Press Media file photo).

North Saanich and Sidney property owners paid $1.21 million in speculation and vacancy tax

Speculation and vacancy tax raised 6.5 million in Greater Victoria

New figures show a provincial tax designed to curb speculation and improve housing affordability raised $901,000 and $318,000 from property owners in North Saanich and Sidney in 2019.

The two municipalities with a combined population of just under 23,000 (as of 2016 census) contributed to 18.4 per cent (or just $1.21 million) of the $6.5 million that speculation and vacancy tax raised from residential property owners in the Capital Regional District (CRD) with a population of 383,360 (as of 2016 census). The contribution of the Saanich Peninsula goes even higher when including the largest community, Central Saanich and its population of 16,814. Properties subject to the speculation tax in that community brought in $155,000, bringing the total to $1.374 million.

Oak Bay with a population of just over 18,094 (as of 2016 census) was another small community that made a large contribution with property owners paying $693,000.

Properties in Saanich, the CRD’s largest municipality whose population of 114,145 is roughly five times larger than the combined population of North Saanich and Sidney and more than six times larger than the population of Oak Bay, contributed $1.68 million in reflecting the higher-end, many of them beach-fronting, properties found in those smaller communities.

The province-wide haul was $88 million for the year.

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

Affected property owners have been paying the tax since 2018 with revenue supporting programs designed to create affordable housing in the five regional districts where the tax applies, Metro Vancouver, Fraser Valley, Central Okanagan, Nanaimo and the Capital Region.

Under the current rates, foreign owners and satellite families pay two per cent of assessed property values. British Columbians, and other Canadian citizens or permanent residents, who are not members of a satellite family, pay 0.5 per cent.

The provincial government exempts property owners who either live in their respective home as their principal residence or rent out their property for at least three months of the year. Homes not used as principal residences must be rented for at least six months per year to be eligible for exemption.

For the second year, more than 99.9 per cent of British Columbians did not pay the tax, according to a provincial briefing.


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

wolfgang.depner@peninsulanewsreview.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Sandy Carmichael is a Goldstream Gazette 2021 Local Hero as Seniors’ Champion. (Don Denton/Black Press Media)
Worker bee returns to volunteer: Sandy Carmichael a fixture at Langford Royal Canadian Legion

Sandy Carmichael is the 2021 recipient of the Seniors’ Champion Award

West Shore Parks and Recreation facilities face a challenging future in terms of funding, due to reduced operations throughout the pandemic. (Black Press Media file photo)
West Shore Parks and Recreation faces challenging future

West Shore Parks and Recreation Society submits 2021 budget request to owner municipalities

Approximately 100 people gathered in Centennial Square Saturday afternoon to listen to speakers decry COVID-19 restrictions. (Jane Skrypnek/News Staff)
PHOTOS: Victoria residents protest masks, COVID-19 restrictions

Approximately 100 people gathered in Centennial Square Saturday afternoon

The It’s Critical campaign has raised $5.89 million towards its $7 million goal to expand critical care capacity at Victoria’s Royal Jubilee Hospital. (Black Press Media file photo)
Critical care improvements make the list with Greater Victoria shoppers

Save-On-Foods pledges $300,000 to Victoria Hospitals Foundation’s It’s Critical campaign

Saskatoon resident liajah Pidskalny poses with his bike near the University of Victoria after putting on thousands of kilometres to raise awareness of the overdose and mental health crisis. (Courtesy Iliajah Pidskalny)
Saskatoon cyclist winds up mental health and overdose awareness ride in Victoria

Iliajah Pidskalny braves prairie winter conditions to get word out to communities

Abbotsford’s Kris Collins turned to TikTok out of boredom when the provincial COVID-19 lockdown began in March 2020. She now has over 23 million followers on the video app. Photo: Submitted
Internet famous: Abbotsford’s Kris Collins is a TikTok comedy queen

Collins has found surprise stardom alone with a phone

A Vancouver restaurant owner was found guilty of violating B.C.’s Human Rights Code by discriminating against customers on the basis of their race. (Pixabay)
Vancouver restaurant owner ordered to pay $4,000 to customers after racist remark

Referring to patrons as ‘you Arabs’ constitutes discrimination under B.C.’s Human Rights Code, ruling deems

Nanaimo children’s author and illustrator Lindsay Ford’s latest book is ‘Science Girl.’ (Photo courtesy Lindsay Ford)
B.C. children’s writer encourages girls to pursue the sciences in new book

Lindsay Ford is holding a virtual launch for latest book, ‘Science Girl’

Pig races at the 145th annual Chilliwack Fair on Aug. 12, 2017. Monday, March 1, 2021 is Pig Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Feb. 28 to March 6

Pig Day, Canadian Bacon Day and Grammar Day are all coming up this week

Staff from the Marine Mammal Rescue Centre, passersby, RCMP and Nanaimo Fire Rescue carried a sick 300-kilogram steller sea lion up the steep bluff at Invermere Beach in north Nanaimo in an attempt to save the animal’s life Thursday. (Photo courtesy Marine Mammal Rescue Centre)
300-kilogram sea lion muscled up from B.C. beach in rescue attempt

Animal dies despite efforts of Nanaimo marine mammal rescue team, emergency personnel and bystanders

Doctors and counsellors warn of an increase in panic attacks, anxiety, depression and suicide ideas between ages 10 to 14, in Campbell River. ( Black Press file photo)
Extended pandemic feeding the anxieties of B.C.’s youth

Parents not sure what to do, urged to reach out for help

Gina Adams as she works on her latest piece titled ‘Undying Love’. (Submitted photo)
‘Toothless’ the kitty inspires B.C. wood carver to break out the chainsaw

Inspired by plight of a toothless cat, Gina Adams offers proceeds from her artwork to help animals

B.C. Finance Minister Selina Robinson presents bill to delay B.C.’s budget as late as April 30, and allow further spending before that, B.C. legislature, Dec. 8, 2020. (Hansard TV)
How big is B.C.’s COVID-19 deficit? We’ll find out April 20

More borrowing expected as pandemic enters second year

The first of 11 Dash 8 Q400 aircraft's have arrived in Abbotsford. Conair Group Inc. will soon transform them into firefighting airtankers. (Submitted)
Abbotsford’s Conair begins airtanker transformation

Aerial firefighting company creating Q400AT airtanker in advance of local forest fire season

Most Read