BC's Speculation and Vacancy Tax expanded to 13 more communities

Kamloops residential neighbourhood. (Shutterstock)

The Speculation and Vacancy Tax (SVT) in British Columbia will be expanded to 13 more municipal jurisdictions across the province.

It was announced today the tax applied on homes deemed to be vacant without any eligible exemptions will now also apply to Vernon, Coldstream, Penticton, Summerland, Lake Country, Peachland, Courtney, Comox, Cumberland, Parksville, Qualicum Beach, Salmon Arm, and Kamloops.

Residential property owners in these communities will be required to complete the annual declaration starting January 2025 to share the details on how they used the home in 2024. This will provide homeowners in the new taxable areas with the time needed to decide how they can meet the exemption requirements.

These new taxable jurisdictions add to the existing list of taxable areas — the dozens of municipalities within Metro Vancouver and the Capital Region (Greater Victoria), as well as the municipalities of Abbotsford, Chilliwack, Kelowna, Nanaimo, West Kelowna, and Lantzville.

In January 2024, for the first time, as previously announced, homeowners in the jurisdictions of Duncan, North Cowichan, Squamish, Ladysmith, Lake Cowichan, and Lions Bay will also be required to file a declaration for the 2023 tax year.

“There’s something wrong when people are buying up investment homes and keeping them empty while others are living in vehicles and can’t find housing,” said Ravi Kahlon, BC Minister of Housing, in a statement.

“Homes are meant to be lived in by people in our communities, not used for speculation. While some would cancel the speculation tax — giving a handout to speculators and turning homes back into empty condos — we know that people can’t afford that.”

Currently, 99% of BC residents are exempt from paying the SVT.

Homeowners in the City of Vancouver must file separate declarations for both SVT and their municipal government’s Empty Homes Tax.

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