At a glance (1 minute)

  • Owners of strata property in buildings with rental restrictions are not exempt from the BC Speculation and Vacancy Tax (SVT) as of January 1, 2022.
  • Owners of units in a strata hotel are exempt from the SVT.

Owners of strata property in buildings with rental restrictions are not exempt from the BC Speculation and Vacancy Tax (SVT). The exemption ended December 31, 2021.

As of January 1, 2022, strata owners of unoccupied units are required to pay the SVT.

Strata hotel owners

Owners of units in a strata hotel continue to be exempt from the SVT.

This exemption was introduced as a temporary measure but was made permanent in 2022.

The SVT is an annual tax of 0.5 per cent of the assessed property value for Canadian citizens or permanent residents and two per cent for properties owned by foreigner owners and satellite families.

Owners must pay the tax unless they rent the property for six months (180 days) out of every year.

The SVT was introduced in 2018 to discourage housing speculation and encourage owners of vacant homes to rent the homes long term during a rental and affordable housing crisis.

The SVT applies to specific areas, including: Metro Vancouver, Squamish, Greater Victoria, Nanaimo, Lantzville, Duncan, Ladysmith, Lake Cowichan, North Cowichan, Kelowna, West Kelowna, Abbotsford, Chilliwack, and Mission.

There’s a range of exemptions, including for:

  • water-access-only properties;
  • just inherited properties; and
  • properties with an assessed value less than $150,000.

Read about exemptions.