If you own residential property in British Columbia, you’ve probably heard about the Speculation & Vacancy Tax (SVT)— but many homeowners are still unsure how it works, who it applies to, and most importantly, that a declaration is required every single year.
Each year, I hear from clients who are surprised by letters from the province or worried they’ve missed a step. This quick guide breaks it down in plain language.
What Is the Speculation & Vacancy Tax?
The BC Speculation & Vacancy Tax was introduced to help address housing availability by encouraging homes to be lived in rather than left vacant.
The tax targets:
- Homes that are left empty
- Properties owned by non-residents or satellite families
- Certain owners who do not qualify for an exemption
Even if you fully expect to be exempt, you are still required to declare.
Why Do Homeowners Have to Declare?
This is the part many people miss 👇
The declaration is mandatory — every year.
The province does not assume your situation stayed the same. Whether:
- You live in your home full-time
- It’s a rental
- It’s a vacation property
- You declared last year
👉 You must confirm your status annually.
If you don’t declare:
- You may be assessed the tax automatically
- Penalties and interest can apply
- Fixing it later can be time-consuming and stressful
Who Needs to Declare?
You must declare if you:
- Own residential property in a designated taxable area (this includes most of the Okanagan)
- Are listed on title (even if you own only a portion)
- Are a Canadian citizen, permanent resident, or foreign owner
Even principal residences and long-term rentals still require a declaration — they’re just usually exempt from paying the tax.
How Do You Declare?
Declaring is straightforward and usually takes just a few minutes.
Step 1: Watch for Your Declaration Letter
Each owner receives a letter from the Province of BC in the mail with:
- Your Declaration Code
- Your Property Address
- Instructions and deadline
Step 2: Declare Online
Go to the BC government’s Speculation & Vacancy Tax declaration page and enter:
- Your declaration code
- Your SIN or business number
- Details about how the property was used
Link: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax
Step 3: Confirm Your Exemption or Payable Amount
Most owner-occupied homes and long-term rentals qualify for an exemption, but it must be claimed.
Once submitted, you’ll receive confirmation — keep this for your records.
What If You Own Multiple Properties?
Each property must be declared separately, and each owner on title must complete their own declaration.
This often trips people up with:
- Joint ownership
- Family properties
- Estate or trust situations
- Investment or recreational properties
Deadlines Matter
The declaration period typically opens in early January and closes by the end of March (exact dates vary slightly year to year).
Missing the deadline can result in:
- Automatic tax assessment
- Late penalties
- Additional paperwork to reverse it
Why I’m Flagging This for My Clients
I’m not here to give tax advice — but I am here to help you avoid unnecessary surprises when it comes to property ownership.
Whether you’re:
- Living in your home
- Renting it out
- Holding a vacation or future retirement property
- Considering selling or buying in the near future
Understanding ongoing ownership obligations like this is part of smart real estate planning.
If you’re unsure whether your property is affected, or you’re buying or selling and want to understand how this tax plays into your plans, I’m always happy to walk through it with you.