Nearly half of the Oak Bay homes that have been identified for the speculation and vacancy tax are foreign owned.
The province’s Sept. 12 report on the new speculation and vacancy tax (SVT) showed that out of 9,964 declarations, Oak Bay has 85 non-exempt properties, of which 31 are foreign owned, 15 are satellite families and 23 are B.C. residents with at least one non-exempt residential home in Oak Bay.
Eleven homeowners who list Oak Bay as their primary residence have been billed with the spec tax, either for an additional residential property here or elsewhere.
The report lists the total 2018 revenue for Oak Bay SVT at $477,000. It’s a low number compared to North Saanich, which is similar in size, and which billed $618,000 for 2018 SVT from 112 non-exempt residential properties out of the 7,685 declarations.
There are 222 residential homes in Oak Bay owned by out-of-district Canadians, and 123 residential homes that are foreign owned. Among the exempt residents, 8,607 homeowners live in the home, tenants occupy 1,153 residences, while other exemptions include 112 homes under construction, 120 homes recently acquired, 105 with rental restrictions and 55 owners that are in the midst of a divorce or recently deceased.
Victoria has 555 non-exempt properties out of 36,126 declarations filed, for a total revenue of $1,048,000 in 2018, and Saanich has 270 non-exempt of 57,592 declarations with a total 2018 revenue of $899,000.