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Expansion of BC Speculation and Vacancy Tax to more Communities

Purtzki - Speculation tax

The BC government announced it is expanding the current Speculation and Vacancy Tax to include 13 more communities below:

  • Vernon, Coldstream
  • Penticton, Summerland
  • Lake Country, Peachland
  • Courtenay, Comox, Cumberland
  • Parksville, Qualicum Beach
  • Salmon Arm
  • Kamloops

As a reminder, the tax applies to residential properties in BC that are not a person’s primary residence and are not rented to a long-term tenant with other possible exemptions below.

https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals

These changes will be effective for 2024 taxation years when owners declare their properties with a filing due date of March 31, 2025.

The tax is applied to the assessed value of the property at a rate of:

  • 2% for foreign owners and satellite families
  • 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family

For example, a Canadian resident who owns a vacation property in Parksville assessed at $800,000 will now have to pay an annual additional tax of $4,000.

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