BC Speculation and Vacancy Tax 2025 — Complete Guide

The BC Speculation and Vacancy Tax (SVT) is an annual tax on residential properties in designated BC communities, targeting homes left vacant or owned by non-BC residents. Introduced in 2018, it has been expanded over time. In 2025, it applies to Metro Vancouver, Fraser Valley, Capital Regional District, Nanaimo, Kelowna, and West Kelowna.

Most BC residents who use their property as a primary residence will be fully exempt — but you still need to file a declaration every year.

2025 Tax Rates

Foreign owners & untaxed worldwide income (satellite families)

0.5%

Canadian citizens / permanent residents who are non-BC residents

BC residents who qualify for an exemption (most homeowners)

Tax is calculated on the property's assessed value (BC Assessment, July 1 of prior year).

SVT Calculator

Speculation & Vacancy Tax Estimator

Common Exemptions

Primary Residence: BC residents who use the property as their primary residence for the majority of the year are fully exempt.

Rental Properties: Properties rented for at least 6 months of the year to arm's-length tenants qualify for exemption.

Strata Rental Restrictions: If your strata corporation prohibits rentals and the bylaw was in place before October 16, 2018, you may qualify for an exemption.

Death or Disability: Properties occupied by a person with a disability or where the owner recently died may qualify for full exemption.

Renovation: Properties undergoing active construction or renovation may be exempt for up to 24 months.

Recent Purchase: Properties purchased in the current year may be exempt for that year if conditions are met.

Farm Classified Land: Farmland classified under the Assessment Act is exempt.

Designated Taxable Regions (2025)

Region	Includes
Metro Vancouver	Vancouver, Burnaby, Surrey, Richmond, Coquitlam, New Westminster, North/West Vancouver, Delta, Maple Ridge, and more
Fraser Valley	Abbotsford, Mission, Chilliwack
Capital Regional District	Victoria, Saanich, Oak Bay, Esquimalt, and surrounding municipalities
Nanaimo Regional District	Nanaimo, Lantzville
Okanagan	Kelowna, West Kelowna

Note: Not all properties within these regions are subject to SVT. Rural areas and certain First Nations lands may be excluded.

How to Declare

Receive your SVT declaration letter (mailed by BC Government each fall)
Declare online at gov.bc.ca/spectax or by phone at 1-833-BC-SVT-19
Deadline: March 31 of the following year (e.g., March 31, 2025 for the 2024 tax year)
If you qualify for an exemption, confirm your exemption code when declaring
If tax is owed, pay by March 31 to avoid interest charges (5% over prime)

Penalty for not declaring: Even if you're exempt, failure to file a declaration by March 31 results in a deemed taxable status — meaning the full 2% tax applies automatically. Always file even if you owe nothing.

Satellite Family Rule

A "satellite family" is where the property owner is a Canadian citizen or permanent resident, but their combined household income reported for Canadian income tax purposes is significantly less than their worldwide income. The CRA and BC Government use T1 filings to identify potential satellite family situations. If flagged, the 2% rate applies.

Satellite family situations are increasingly being audited. If you have significant offshore income not reported in Canada, consult a tax lawyer before declaring.

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