New data shows that the speculation and vacancy tax (SVT) helped turn more empty units into homes in 2023.

More than 99% of property owners who live in B.C. remained exempt from the tax in its sixth year, according to results released as part of the Province’s annual consultation with mayors about the tax. The majority of revenue came from non-B.C. residents.

Money raised from the tax goes directly toward affordable homes in the regions where the tax applies. In 2023, $75.2 million was raised by the tax. In 2023-24, the B.C. government invested $1.8 billion toward housing in the SVT specified areas.

Principal residences and residences occupied by a tenant remained the top two exemptions claimed by property owners in 2023. This suggests that the tax continues to encourage the use of residences for long-term housing.

In January 2025, the Province will mail owners of residential properties in 59 communities where the tax applies instructing them to file their declaration before the March 31, 2025, deadline. This includes owners in 13 communities who will declare for the first time in the new year:

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

The speculation and vacancy tax is part of B.C.’s Homes for People plan that includes actions to fight speculation and profiteering, provide more affordable homes and speed up delivery of new housing.

Quick Facts:

• Every year, the Ministry of Finance consults mayors from areas where the tax applies to share data and gather feedback.
• This data helps inform discussions about how the tax is working in these communities.
• Together with other housing measures, the speculation and vacancy tax helped add more than 20,000 units to the long-term rental market in Metro Vancouver since 2018.

Learn More:

To download the technical briefing about the 2023 speculation and vacancy tax declaration year, visit: https://news.gov.bc.ca/files/SVT_Technical_Briefing_2023_Tax_Year_FINAL.pdf

To download the 2023 speculation and vacancy tax data by municipality, visit: https://news.gov.bc.ca/files/SVT_Mayors_Consultation.pdf

To learn about speculation and vacancy tax, visit: https://gov.bc.ca/spectax

To learn about the Homes for People plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436