BC Speculation and Vacancy Tax

Feb 14
2 min read

Updated: Feb 24

If you own residential property in British Columbia, this is a friendly reminder to complete your Speculation & Vacancy Tax (SVT) declaration. The declaration is required annually for all applicable properties, even if you believe your property is exempt or no tax is payable.

What is the BC Speculation & Vacancy Tax?

The BC Speculation & Vacancy Tax is a provincial tax designed to discourage residential properties from being left vacant and to ensure housing is used as homes for British Columbians. The tax applies in designated areas of British Columbia, including Metro Vancouver and surrounding regions.

Each year, all residential property owners in applicable areas are required to complete a declaration, even if they believe

they are exempt or no tax is payable.

Who Needs to Declare?

All residential property owners in the applicable areas must submit a declaration, including:

All owners listed on the property title
Canadian citizens and permanent residents
Corporate, trust, and non-resident owners
Owners of properties that are rented or exempt

Note: A declaration is required every year, even if your property qualifies for an exemption.

What Happens if You Don’t Declare?

Failing to complete the declaration by the deadline can lead to:

Automatic assessment of the property for tax
Penalties and interest
Loss of any applicable exemptions

The Province does not accept “not knowing” or “assuming exemption” as a valid reason for missing the declaration.

How to Complete Your Declaration

The declaration process is completed online through the Province of British Columbia. You can access the declaration site HERE. Once on the website you will need:

Your Declaration Code (mailed by the Province)
Your Social Insurance Number (SIN) or Business Number
Property details as requested on the form

Important Notes for Property Owners

Submitting a declaration does not automatically mean you owe tax
Many owners qualify for exemptions, but the declaration is still mandatory
Prompton Real Estate Services does not file declarations on behalf of owners
For questions about whether the SVT applies to your property, consult a qualified tax professional or review the Province’s guidance