BC Speculation Tax
What is it?
The BC Speculation and Vacancy Tax (SVT) is designed to convert vacant homes into housing for BC residents and ensure foreign owners contribute fairly to BC’s tax system. The SVT ensures that residential properties contribute to the housing market, either through occupancy or by generating revenue that supports the community.
Applicable Areas
- Capital Regional District
- Metro Vancouver Regional District
- District of Squamish
- City of Abbotsford
- District of Mission
- City of Chilliwack
- City of Kelowna
- City of West Kelowna
- City of Nanaimo
- District of Lantzville
- City of Duncan
- City of Ladysmith
- Town of Lake Cowichan
- Municipality of North Cowichan
Additionally, residential property owners in the following communities will need to declare for the first time in January 2025 based on how they used their property in 2024:
- Vernon, Coldstream
- Penticton, Summerland
- Lake Country, Peachland
- Courtenay, Comox, Cumberland
- Parksville, Qualicum Beach
- Salmon Arm
- Kamloops
Tax Rates
- 0.5% for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family.
- 2% for foreign owners and satellite families.
Declaration and Exemptions
Residential property owners in the designated taxable regions must complete an annual declaration to claim exemptions. Each owner of a property must complete a declaration by March 31 if there are multiple owners.
Exemptions:
- Principal residences
- Long-term rentals
- Individuals
- Land under development
- Corporations, trustees, and partners
For a comprehensive list of exemptions, visit the BC Speculation and Vacancy Tax Exemptions.