Sotheby's International Realty Canada
Sotheby's International Realty Canada

Learn About the B.C. Speculation & Vacancy Tax

Expert Guidance • Local Knowledge • Proven Results

The Speculation and Vacancy Tax (SVT) is a key part of British Columbia’s housing strategy, introduced in 2018 to address housing affordability challenges in areas where demand is especially high. The goal of the tax is to discourage property owners from leaving homes and vacant land empty, and to encourage more housing supply for local residents. It applies to certain urban regions of the province where housing pressures are most acute, including Metro Vancouver, the Fraser Valley, Greater Victoria, Kelowna, West Kelowna, Nanaimo, the Municipalty of North Cowichan and others.

I can help you identify specific areas on Vancouver Island where the SVT exemptions create excellent opportunities to invest in your next property.

Frequently Asked Questions

Which districts on Vancouver Island have the SVT?

The Capital Regional Distrct (Victoria), the Municipality of North Cowichan, Town of Lake Cowichan, Town of Ladysmith, Nanaimo, Town of Qualicum Beach, Town of Parksville, Courtenay & Comox.

How much is the SVT?

In 2025, the rates are 0.5% of the assessed value of the property for Canadian citizens, and 2% for foreign owners. In 2026, the rates will increase to 1% for Canadians and 3% for foreigners.

Is this charged in addition to annual property taxes?

Yes, the SVT is payable in addition to annual property taxes.

How do you declare?

Property owners are required to compete an annual declaration and submit it to the government, stating wheter their property is subject to the SVT or not. The process gives property owners the opportuntiy to claim any applicable exemtions to reduce the tax. Failure to complete the form can result in penanlties, fines and interest, and/or leins on their property.

What types of properties does the SVT include?

The SVT includes single family homes, condos, townhomes, vacant land and other residential properties.

Are there exemptions to the SVT?

Yes, homes that are the owners primary residence, homes that are occupied by renters, homes under construction (or renovation). In addition, there are exemptions for vacant land that is in the process of being built upon. 

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.