Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.

Residential property owners in designated taxable regions must complete an annual declaration for the speculation and vacancy tax (SVT).

B.C.’s Home Owner Grant threshold is set at $1.975 million for 2022, ensuring 92% of residential properties are covered by the grant that lowers the amount of property taxes people pay on their principal residence.

Premier John Horgan and Grace Lore, Parliamentary Secretary for Gender Equity, have released the following statement on International Day for the Elimination of Violence Against Women:

Everyone deserves a safe and affordable place to call home. Now in its third year, the Speculation and Vacancy Tax (SVT) is raising significant revenue that goes directly into affordable housing in the five regions where the tax applies, while encouraging owners to rent or sell vacant units to those who need them.

To better protect consumers in B.C.’s real estate market, the Province is introducing legislation that requires cooling off periods for resale properties and newly built homes.