In January 2023, the Speculation and Vacancy Tax (SVT) will expand to:

• Lions Bay,
• Squamish,
• Duncan,
• Ladysmith,
• Lake Cowichan, and
• North Cowichan.

The tax currently applies to:

• Metro Vancouver,
• Abbotsford, Mission,
• Chilliwack,
• Greater Victoria,
• Nanaimo,
• Lantzville,
• Kelowna, and
• West Kelowna.

The decision to expand the tax comes after the Ministry of Finance heard from community leaders that speculation was contributing to the lack of housing supply for residents who live and work in their communities.

The goal of the SVT is to discourage speculation and turn empty units into homes in communities facing acute housing shortages.

Residential property owners in the expansion communities will be required to declare and claim an exemption for the first time in January 2024.

Exemptions are available for primary residences, properties with a long-term tenant, and other special circumstances.

Owners will be able to declare online or by phone with call centre staff. Last year, more than 92 per cent of owners declared online.

• The SVT was implemented in 2018 targeting speculators.
• The SVT and the two per cent tax rate for foreign owners and satellite families have resulted in the return of approximately 20,000 condominium units to the long-term rental market in Metro Vancouver.
• The province reports that more than 99% of British Columbians will continue to be exempt from paying the tax.
• Since introducing the SVT, the province has funded nearly 34,000 more affordable new homes in more than 100 communities.
• SVT revenues are directed towards housing affordability initiatives in designated areas, helping the province provide $1.7B in annual BC Housing funding for 2022/23 to develop affordable housing.

Read the government news release on the SVP expansion.

Learn about the SVP and exemptions.

Read the speculation tax review (opens 160-page pdf).

Read about the Homes for BC plan.