Dear Mayor Belenkie:
When our government took office, we inherited a housing crisis that affected all British Columbians.
We implemented the speculation and vacancy tax (SVT) last year to turn empty homes into housing for people, and to target foreign owners and satellite families who live in our province
but don’t pay tax here. Ministry of Finance data confirms that over 99% of British Columbians are not paying the SVT.
Last fall I committed to meeting annually with mayors in the areas where the speculation tax applies to discuss its impact on your communities.
Today, I write to invite you to participate in the first annual consultation on September 12, 2019. There, I will share the early initial data and insights collected from the speculation and vacancy tax, and how your community may benefit from affordable housing investments from this initiative. In addition, this consultation will be an opportunity to hear directly from you on how the SVT has impacted your community.
Further details regarding the plenary meeting will follow in the coming weeks.
I look forward to meeting with you in September.
Sincerely,
Carole James
Minister and Deputy Premier
Letter from the BC Minister of Finance regarding a Speculation Tax meeting