Whereas encouraging unoccupied residential properties to become available for long-term occupancy represents an opportunity to increase the availability of housing in our communities; And whereas revenue collected from the Speculation and Vacancy Tax is directed into the Housing Priority Initiatives Special Account where BC Housing is the primary recipient of the funds rather than local governments: Therefore be it resolved that UBCM call upon the Province of British Columbia to permit local governments to receive a portion of the funds collected through the Housing Priority Initiatives Special Account, with funds to be used by the local government towards affordable housing projects.
Ministry of Finance The Speculation and Vacancy Tax Act and the Special Accounts Appropriation and Control Act require that the revenue from the Speculation and Vacancy Tax SVT be spent in the regional district where it is collected. The Province took a regional approach with respect to SVT revenue spending, as housing affordability does not affect any one municipality in isolation; what occurs in one municipality affects an entire region. Requiring the funds to be spent in the regional district ensures that the money will be spent quickly and efficiently on housing affordability issues affecting the whole region. Data on SVT revenue and spending were released in December 2024 as part of the SVT annual mayors consultation. The data show that BC Housing spending in each region far exceeds SVT revenue collected. Local governments are encouraged to work with BC Housing to discuss housing priorities in their communities and identify opportunities for affordable housing projects.