What Is The BC Speculation Tax?

What Is The BC Vacancy Tax?

The BC Provincial Government is taking action to address housing affordability using their 30-Point Plan.

The new tax is designed to: 

  • Target Foreign and Domestic speculators who own residences in BC but don’t pay taxes here
  • Turn empty homes into rental housing
  • Raise revenue for affordable housing initiatives

Most British Columbians are exempt from this tax.  You are exempt from this tax if: 

  • Your home is your Primary Residence
  • Rentals: Must be rented 6 months cumulative
  • Special Circumstances like medical care, hospital supportive housing, temporarily absent for work, administrative/probate process
  • $2,000 tax credit on properties valued under $400K (pay only on the portion above $400K)

You can claim your exemption online or over the phone.  For more information, read this blog post.