BC Speculation + Vacancy Tax

Who pays BC's Speculation and Vacancy Tax

The SVT is an annual provincial tax on residential property in designated taxable regions of BC. It is aimed at homes left empty and at owners whose income largely escapes Canadian tax. Owners who live in the home, or rent it out long-term, generally pay nothing — provided every owner files the annual declaration.

Rates by year (gov.bc.ca)

• 2019–2025: 0.5% for Canadian citizens and permanent residents; 2% for foreign owners and untaxed worldwide earners
• 2026: 1% for Canadian citizens and permanent residents; 3% for foreign owners and untaxed worldwide earners
• 2027 onward: 1% for Canadian citizens and permanent residents; 4% for foreign owners and untaxed worldwide earners

An “untaxed worldwide earner” — the government's term for what is often called a satellite family — is, broadly, an owner whose household earns most of its worldwide income without reporting it on a Canadian tax return. It can apply to Canadian citizens too.

Worked example

A condo in Metro Vancouver assessed at $1,200,000, vacant for 2026, owned by a Canadian citizen with no exemption: 1% × $1.2M = $12,000 — double the $6,000 it would have been for 2025. Owned by a foreign national, the 2026 bill is 3%, $36,000, rising to $48,000 at 4% in 2027.

The declaration is the whole game

Every owner of residential property in a taxable region must complete a declaration each year, even when an exemption clearly applies. An owner who does not declare is assessed as if no exemption applied. Watch for the declaration letter and complete it by the deadline it sets.

Common exemptions

• The home is the owner's principal residence
• The home is rented to arm's-length tenants for enough of the year, in qualifying tenancy periods
• Specific situations such as a recent purchase, a home under construction or major renovation, an owner in care, or a recent death

Each exemption has detailed conditions, and the list of taxable regions has changed over time — check both on the province's SVT pages.

How it stacks with other taxes

The federal Underused Housing Tax no longer applies from 2025, but the SVT does, and in the City of Vancouver an empty home can also owe the municipal Empty Homes Tax. A foreign national buying in a specified area also pays BC's 20% additional property transfer tax once, at purchase. Model those alongside with the foreign buyer tax calculator and the vacant home tax calculator.

Related calculators

• Federal Underused Housing Tax (eliminated from 2025)
• Vancouver Empty Homes Tax and other municipal vacancy taxes
• BC additional property transfer tax for foreign buyers
• Regular property tax estimator