The speculation and vacancy tax is helping turn empty units into homes and creating affordable housing in communities throughout the province, new data confirms.

British Columbia’s economic and fiscal plan remains stable in the face of a slowing global economy and high interest rates as the Second Quarterly Report forecasts a lower deficit than in the previous fiscal update.

B.C.’s First Quarterly Report shows the province’s economy is proving resilient amid challenges, including a devastating wildfire season, high interest rates and costs, and a slowing global economy.

Despite global uncertainty, B.C. ended fiscal 2022-23 with a surplus and higher-than-expected revenue that the Province put to work helping people and communities with higher costs and growing needs.

People who own residential properties in the new areas for the speculation and vacancy tax (SVT) can take steps now to ensure they are exempt from paying the tax next year.

With the consultation for Budget 2024 now open, people throughout B.C. can share ideas about how the provincial government can help create a stronger future for everyone through next year’s budget.