Ministry of Finance says the vast majority of those paying the speculation and vacancy tax are the people it was intended for — foreign owners, satellite families and Canadians living outside the province — according to the declaration forms submitted so far. The tax, introduced to target foreign and domestic speculators who own homes in B.C., is part of the government's plan to increase housing affordability in the province. was required to complete a declaration by March 31 to claim an exemption from the tax. The government says nearly all the declarations have been submitted, and that 99 per cent of British Columbians were exempt from the tax. It said foreign owners, satellite families and Canadians living outside of B.C.

Source: CBC News May 17, 2019 18:22 UTC