Real Estate Tax
Speculation and Vacancy tax
Every registered owner of residential property in a designated taxable region must complete a declaration each year to declare their residency status and how their property has been used. You have to declare each year because your circumstances may change during the year. Your declaration is due on March 31 of each year.
Over 99% of British Columbians are exempt from the speculation and vacancy tax. Generally, an owner is exempt from the tax if the home is their principal residence.
Click Here Exemptions for individuals
For 2019 and subsequent years, the tax rate is:
- 2% for foreign owners and satellite families
- 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
The speculation and vacancy tax applies based on ownership as of December 31 each year.
Vancouver's Empty Home Tax
The speculation and vacancy tax is different from Vancouver's empty homes tax. The rules for each tax and how they apply are not the same.
This means that if you own residential property in the City of Vancouver, you:
- Must declare separately for each tax
- May be exempt from one tax but have to pay the other
Foreign buyer tax
The foreign buyer tax, previously only levied throughout Metro Vancouver, has expanded to cover Greater Victoria and the Capital Regional District, the Nanaimo Regional District, Kelowna, West Kelowna and the Fraser Valley. The tax has also increased from 15% to 20%.
Property transfer tax
British Columbia’s property transfer taxes are calculated at 1% for a property’s first $200,000 of fair value and at 2% for the remaining portion up to and including $2 million. The portion valued at over $2 million is taxed at 3%. Under the new rules, properties with a value of $3 million and above will see a new layer of tax that will push the taxable rate to 5% for a property’s portion of fair value over $3 million.
Residential properties valued at $3 million and above will pay a higher school tax starting in 2019. The rate will be 0.2% on properties valued between $3 million and $4 million, and 0.4% on properties valued in excess of $4 million. fot E.g. $3,000,000 home shool tax $6000, $4,000,000 home school tax $16,000