Spec tax becomes real

Photo: Contributed

For those in Kelowna, West Kelowna and other select regions of the province affected by the speculation and vacancy tax, reality will soon set in.

The government Tuesday said letters will be sent to people who own residential property between Jan. 18 and Feb. 28.

Those letters will include instructions for how to complete a declaration and register an exemption.

"By completing the declaration and registering to claim an exemption, British Columbians will help identify speculators and empty homes, allowing the government to crack down on speculation and make housing more affordable," the province said in a news release.

"Over 99 per cent of British Columbians will be exempt, but owners must register to claim their exemption."

The new tax also applies to Abbotsford, Mission, Chilliwack, Nanaimo, Lantzville, some areas of the Capital Regional District and municipalities within the Metro Vancouver Regional District.

The BC Liberals have said one of their first acts would be to scrap the tax if they form the next government.