The deadline to complete your BC Speculation and Vacancy Tax declaration is approaching, and property owners in designated regions including Abbotsford and the Fraser Valley should ensure they submit their declaration on time.
Each year, the Province of British Columbia requires property owners in affected areas to declare how their residential property is used, even if no tax is owed. Many homeowners assume the tax does not apply to them, but the declaration is still mandatory if you own residential property in a designated taxable region.
Failing to complete the declaration can result in the property automatically being assessed as taxable, which can lead to unnecessary charges.
What is the Speculation and Vacancy Tax?
The Speculation and Vacancy Tax (SVT) was introduced by the Province of BC in 2018 with the goal of reducing vacant housing and discouraging real estate speculation.
The policy was designed to encourage property owners to either live in their homes as a principal residence or rent them out long term, rather than leaving them vacant. By doing so, the government aims to increase housing supply for residents and reduce the number of homes sitting empty in high demand regions.
Although the tax receives a lot of attention each year, the reality is that most property owners in British Columbia are exempt from paying it. However, they must still complete the annual declaration to confirm how their property is being used.
Declaration Deadline
Property owners who received a declaration letter from the province must submit their declaration by March 31, 2026.
The declaration process is straightforward and typically only takes a few minutes to complete online. Property owners will need the letter ID and declaration code included in the declaration letter mailed by the province.
Declarations can be completed through the BC Government Speculation and Vacancy Tax online portal, or by phone if needed.
It is important to note that each owner on title must complete their own declaration, even if multiple people own the same property.
Who Needs to Declare?
If you own residential property in a designated taxable region, you must complete the declaration each year. This requirement applies regardless of whether the property is occupied or exempt from the tax.
Designated taxable regions include many communities across Metro Vancouver and the Fraser Valley, such as:
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Abbotsford
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Mission
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Chilliwack
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Surrey
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Langley
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Vancouver and surrounding Metro Vancouver municipalities
Even if the property is your principal residence or rented long term, the declaration must still be submitted annually.
Who Pays the Speculation and Vacancy Tax?
Most homeowners will qualify for an exemption and will not pay the tax, particularly if the property is used as:
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A principal residence, or
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A property rented out long term for at least six months of the year
However, the tax may apply to properties that are left vacant or used primarily as secondary residences.
The current tax rates are:
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0.5 percent of the property’s assessed value for Canadian citizens or permanent residents who are not part of a satellite family
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2 percent of assessed value for foreign owners, satellite families, and certain corporations or trusts