Whereas the purpose of the Agricultural Land Reserve ALR is to preserve much-needed land for farming to ensure local food security, and not real estate speculation; And whereas speculation in the ALR can lead to increased land values and the underutilization of ALR land for farming: Therefore be it resolved that UBCM call upon the Province of BC to establish a targeted unfarmed land tax, to discourage speculation and encourage farming in the ALR.
Ministry of Agriculture and Food The Speculation and Vacancy Tax SVT was introduced as part of Governments 30-point housing plan in February 2018. The SVT is intended for those who are holding their properties vacant, putting pressure on already low vacancy rates and housing supply levels. The SVT is also intended for foreign owners and untaxed worldwide earners who do not pay their share of income taxes in our province but enjoy BC services and high quality of life. The SVT applies to properties designated as Class 1 residential in select BC communities with exemptions available based on property use and ownership. Class 1 includes vacant land, as well as unused farmland. The Ministry of Agriculture and Food recognizes that there may be merit in exploring a new tax that is similar to, but separate from, the SVT to incentivize agricultural use of farmland. This will require careful planning and collaboration with key partners to identify the most effective approach. The SVT, as well as property taxes, are the responsibility of the Ministry of Finance FIN and any proposed changes would need to be undertaken with FIN.