Cost of Buying | Ongoing
Speculation, Vacancy, and Empty Homes Taxes
These mostly do not cost an owner-occupier anything, and they do require a declaration, which is the part people miss until a bill arrives.
The short answer
BC's speculation and vacancy tax and Vancouver's empty homes tax apply to homes that are not a principal residence and not rented out. Owner-occupiers generally owe nothing, but the annual declaration is still required and failing to make it can trigger a charge.
Who they are aimed at
Property left empty. If the home is your principal residence, or it is tenanted, an exemption generally applies.
That covers most buyers on this site, since the exemptions the province and the city offer are designed around exactly that case.
The declaration is the trap
An exemption is not automatic. Both the provincial and the Vancouver taxes require an annual declaration, and missing it can result in being charged even where you would have been exempt.
Put the deadline in a calendar the year you buy. It is the single cheapest thing on this page.
Where each applies
The provincial speculation and vacancy tax applies in designated areas of BC. Vancouver's empty homes tax is a separate municipal tax that applies within the city and is in addition to the provincial one.
An owner of a Vancouver property can be within scope of both, with two separate declarations. Rates and designated areas are on the government pages linked below.
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Common questions
Do I pay speculation and vacancy tax on my own home?
Generally not, if it is your principal residence. The exemption is not automatic though. You must make the annual declaration, and failing to do so can result in being charged even where you qualified.
Is the empty homes tax the same thing?
No. Vancouver's empty homes tax is a separate municipal tax that applies within the city, in addition to the provincial speculation and vacancy tax. A Vancouver owner can be within scope of both and have two declarations to make.
What if I rent the home out?
Renting it out generally brings an exemption, subject to the conditions each tax sets about how long and to whom. Check the specific rules rather than assuming any tenancy qualifies.
Where these figures come from
- Government of BC, speculation and vacancy tax
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- BC Assessment
Assessed values, which drive the municipal property tax bill.
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Work the numbers on a real home
Every figure here comes from government sources and from listings you can open. Search the market and check the costs against a specific price rather than a hypothetical one.