In an effort to combat the lack of housing for residents, the regional district is now applying a 3% municipal and regional district tax (MRDT) on vacation rentals, with the money raised going toward affordable housing projects.

This is the first time in Canada a tax like this has been used to directly fund affordable housing solutions. The tax, which should bring in about $50,000 per year, will go to the non-profit Cortes Housing Society, which is spearheading affordable housing initiatives in the region.

The funds will support the development of the society’s 24-unit Rainbow Ridge rental project. Sixteen units, each containing between one and three bedrooms, will be priced below market value, and eight will be prioritized for professionals such as doctors or nurses.