CostBC's Speculation and Vacancy Tax applies to vacant homes in specific designated urban regions of the province, at a rate that's lowest for BC residents, higher for other Canadian residents, and highest for foreign owners and satellite families. Most owner-occupied principal residences are exempt entirely.
Where the tax actually applies
Unlike a province-wide measure, BC's Speculation and Vacancy Tax only applies in specific designated regions — generally the major urban areas of the province including Metro Vancouver, Victoria, Kelowna, and several other municipalities specifically listed by the province, not rural or smaller BC communities outside those boundaries.
The tiered rates, by residency status
Approximate annual rate, by owner type
| BC resident | 0.5% of assessed value |
| Other Canadian resident (non-BC) | 0.5% of assessed value |
| Foreign owner or satellite family | 2.0% of assessed value |
A satellite family, in this context, generally means a household where the majority of combined income is earned outside Canada, even if a family member lives in the BC property — a specific definition worth understanding if it might apply to your household.
Who's exempt
The large majority of BC homeowners are exempt because the tax specifically targets vacant, not occupied, homes — a property used as a principal residence, or genuinely rented out for a set minimum number of months per year, is generally exempt regardless of the owner's residency status. It's specifically aimed at homes sitting empty, not at ownership itself.
The annual declaration
Like Toronto's vacant home tax, every owner of residential property within a designated area must file an annual declaration confirming their property's status, even if clearly exempt — the exemption isn't automatic without the filing. Missing the declaration can result in being assessed the tax by default.
See how BC's approach compares with Toronto's vacant home tax, or estimate your own exposure on the vacant home tax calculator.