Parksville, Qualicum exempted, Nanaimo remains under NDP speculation tax
NANAIMO — While some areas of the mid-island scored a reprieve from the NDP’s proposed speculation tax, Nanaimo remains under the microscope due to the city’s “housing crisis.”
On Monday, NDP Finance Minister Carole James unveiled details and changes to the proposed tax, exempting Parksville and Qualicum, redefining the local boundary to include Nanaimo-Lantzville. The tax, designed to cool housing prices and clamp down on property speculation, was first announced as applying to the entire Regional District of Nanaimo.
James said the government’s analysis of Nanaimo found serious issues with the rental vacancy rate and cost of housing compared to income.
“It was very clear Nanaimo is one of those communities that is facing a crisis and that’s whey they’re included. Large urban setting, facing a housing crisis, a real challenge when it comes to affordability issues and when it comes to the vacancy rate.”