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Burnaby homeowners dinged millions with speculation tax

Money is meant to be used for housing
A view of Metrotown in Burnaby.

Some Burnaby homeowners got stuck with huge bills thanks to the Speculation and Vacancy Tax (SVT).

According to the latest data, SVT collected in Burnaby was estimated at just over $5 million.

The percentage of Vancouver and Burnaby properties paying the SVT in 2019 was about 0.6 per cent.

In Richmond, homeowners paid about $10 million.

The number of homes in Richmond that had to pay the SVT was more than double the number of Burnaby properties paying the tax, although the latter has a few thousand more residential properties than Richmond.

The province implemented the SVT in 2018 to reduce the number of vacant homes and free them up for rentals.

The money is meant to be used for housing, shelter or rental projects within the region it is paid.

  • With additional reporting by Maria Rantanen, Richmond News