North Cowichan wants to see the more than $1 million that was raised in the municipality from the speculation and vacancy tax in 2023 returned for local housing uses.

Council unanimously voted to write the government at its meeting on Jan. 15 asking that the SVT, which was collected from 220 non-exempt home owners in North Cowichan in 2023, the first year the tax was implemented in the community, be put towards social-housing projects in the municipality.

Mayor Rob Douglas, who put forward the motion, said the SVT funds that are collected from a number of municipalities are currently going to BC Housing for its projects across the province.

B次元官网网址淲hy not give it directly to us as a municipality to allocate to our own affordable-housing initiatives?B次元官网网址� he asked.

Started in 2018, the SVT aims to help eliminate speculative real estate practices in the communities where it is being utilized, and turn empty units into homes for those struggling with housing affordability.

Many properties are exempt from the tax, including primary residences and properties with long-term tenants.

After showing initial successes, the tax expanded into the Cowichan Valley municipalities of North Cowichan, Duncan, Ladysmith and Lake Cowichan for the first time in 2023.

That year, $1.026 million was raised in North Cowichan.

Coun. Bruce Findlay said he agrees that the funding should be allocated back to the municipality.

B次元官网网址淚f these properties in North Cowichan are being taxed [through the SVT], then it should absolutely be coming back here to utilize for whatever programs we want to utilize it for,B次元官网网址� he said.

B次元官网网址淣ot that IB次元官网网址檓 in favour of taxes at all, but at the end of the day, if the SVT is in place and the money is sitting there, then letB次元官网网址檚 use it here.B次元官网网址�

Coun. Chris Istace said having the province give the SVT funding back to local governments may get some traction at the legislative level.