What is the Speculation and Vacancy Tax?
The speculation and vacancy tax is an annual tax paid by owners of vacant properties in urban areas of British Columbia. The tax is designed to discourage housing speculation and people from leaving homes vacant in designated areas of B.C. More than 99 percent of people in B.C. are expected to be exempt from the tax.
Exemptions:
BC residents are exempted from the speculation and vacancy tax if they live in their properties as a primary residence or rent out their home that wasn’t a principal residence for at least six months if it is to be exempted from the tax.
Any short-term rental period of less than one month cannot be counted as part of this six-month total.
Any short-term rental period of less than one month cannot be counted as part of this six-month total.
Some residential properties are excluded from the speculation and vacancy tax even though they are located within a taxable region. These include residential properties owned by:
An Indigenous Nation
Municipalities, regional districts, governments and other public bodies
Registered charities
Housing co-ops
Certain not-for-profit organizations
You can also refer to the legislation for a full list of exclusions.
An Indigenous Nation
Municipalities, regional districts, governments and other public bodies
Registered charities
Housing co-ops
Certain not-for-profit organizations
You can also refer to the legislation for a full list of exclusions.
How Much is the Tax?
2% for foreign owners and satellite families
0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
What are the Taxable Areas?
Metro Vancouver Regional District
Anmore
Belcarra
Burnaby
Coquitlam
Delta
Langley (City)
Langley (Township)
Maple Ridge
New Westminster
North Vancouver (City)
North Vancouver (District)
Pitt Meadows
Port Coquitlam
Port Moody
Richmond
Surrey
University Endowment Lands
Vancouver
West Vancouver
White Rock
Anmore
Belcarra
Burnaby
Coquitlam
Delta
Langley (City)
Langley (Township)
Maple Ridge
New Westminster
North Vancouver (City)
North Vancouver (District)
Pitt Meadows
Port Coquitlam
Port Moody
Richmond
Surrey
University Endowment Lands
Vancouver
West Vancouver
White Rock
Capital Regional District (CRD)
Central Saanich
Colwood
Esquimalt
Highlands
Langford
Metchosin
North Saanich
Oak Bay
Saanich
Sidney
Sooke
Victoria
View Royal
Central Saanich
Colwood
Esquimalt
Highlands
Langford
Metchosin
North Saanich
Oak Bay
Saanich
Sidney
Sooke
Victoria
View Royal
Other:
City of Abbotsford
District of Mission
City of Chilliwack
City of Kelowna
City of West Kelowna
City of Nanaimo
District of Lantzville
District of Mission
City of Chilliwack
City of Kelowna
City of West Kelowna
City of Nanaimo
District of Lantzville
Reserve lands, treaty lands and lands of self-governing Indigenous Nations are not part of the taxable regions.
Islands that are accessible only by air or water are not part of the taxable regions, except for Vancouver Island
Islands that are accessible only by air or water are not part of the taxable regions, except for Vancouver Island
Newly Expanded Areas:
North Cowichan
Duncan
Ladysmith
Lake Cowichan
Lions Bay
Squamish
Duncan
Ladysmith
Lake Cowichan
Lions Bay
Squamish
The expansion of the Speculation and Vacancy Tax will help eliminate speculative real estate practices and turn empty units into homes for people in additional communities in B.C. struggling with housing affordability.
These changes have come into effect as of January 2023, meaning residential property owners in the expansion communities will declare and claim an exemption for the first time in January 2024.
These changes have come into effect as of January 2023, meaning residential property owners in the expansion communities will declare and claim an exemption for the first time in January 2024.
Declaration:
All residential property owners in the taxable regions have to complete a declaration every year, even if they're eligible for an exemption.
When a property has more than one owner, each person on title for the mortgage needs to make a separate declaration, even if the other owner is your spouse or relative.
You must complete your declaration by March 31. Your declaration letter will be sent to you at the mailing address on file with BC Assessment. All letters should be delivered by late February.
The fastest and easiest way to declare is online. If you cannot declare online, you can declare over the phone.
When a property has more than one owner, each person on title for the mortgage needs to make a separate declaration, even if the other owner is your spouse or relative.
You must complete your declaration by March 31. Your declaration letter will be sent to you at the mailing address on file with BC Assessment. All letters should be delivered by late February.
The fastest and easiest way to declare is online. If you cannot declare online, you can declare over the phone.