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Also, the homes hit by the tax were on average 46 per cent more expensive than those exempted, suggesting some expensive luxury homes and mega-mansions were among those taxed.

James said she expects the tax to bring in around $200 million a year, which is in line with long-term projections.

Government had originally projected 32,000 homes would have to pay the speculation tax, and of that 20,000 would be British Columbians who owned multiple properties, at least one of which sat vacant at least six months of the year.

But so far, only 2,410 of the 12,029 homeowners, or 20 per cent, have been B.C. residents with multiple properties.

James said she thinks more B.C. homeowners were more likely to rent their properties to avoid the tax.

“It shows we are getting to what we want to get to,” she said. “It’s a tax where if people aren’t paying the tax that’s a plus, because it means they are renting their places out and it means we have more housing to deal with the crisis.”

The speculation tax applies to Greater Victoria, Nanaimo, Lantzville, Kelowna and West Kelowna, Metro Vancouver (excluding Bowen Island, Lions Bay and Electoral A district), Abbotsford, Chilliwack and Mission. Homeowners can claim an exemption for properties rented at least six months of the year.

The government introduced the speculation tax in 2018 to crack down on foreign-owned properties left vacant during a rental and affordable housing crisis.

The figures show 38 per cent of homeowners paying so far are foreign residents. Another 27 per cent are satellite families, which B.C. defines as a household in which 50 per cent or more of the income comes from outside the country. Another 13 per cent have been Canadian residents of other provinces. And two per cent were properties owned by corporations, trusts or developers.