Parksville and Qualicum Beach will fall under the provincial speculation and vacancy tax designation as of 2025. (File Photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

spec tax

Parksville & Qualicum Beach to be added to provincial speculation tax

Nov 22, 2023 | 2:20 PM

NANAIMO — A tax aimed at freeing up non-primary homes in the province for rental purposes will be expanded to 13 communities, including Parksville and Qualicum Beach.

On Wednesday, Nov. 22, the ministry of finance announced a notable expansion to the speculation and vacancy tax, first introduced in 2018 to help increase rental housing options and target foreign and domestic property speculators.

The speculation and vacancy tax will take effect in the following communities in 2025.

• Parksville, Qualicum Beach
• Courtenay, Comox, Cumberland
• Vernon, Coldstream
• Penticton, Summerland
• Lake Country, Peachland
• Salmon Arm
• Kamloops

The tax, filed annually by an early July deadline, sees an annual tax of half a per cent of a home’s most recent assessed value for Canadian citizens, and a two per cent tax for foreign owners and satellite families.

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The finance ministry stated residential property owners in the new communities now included in the tax will need to declare for the first time in January 2025, regarding how they used their property in 2024.

“This gives owners in the new areas time to decide how to meet exemption requirements before the tax takes effect. Exemptions include primary residences, properties with a long-term tenant and life events, such as separation or divorce.”

Ladysmith was among several Vancouver Island communities added to the speculation and vacancy tax this year.

According to the province, more than 99 per cent of B.C. residents are exempt from the tax.

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