BC SPECULATION TAX VERSUS THE VANCOUVER EMPTY HOMES TAX
There’s no doubt things are getting confusing but it’s important for home owners to keep these two straight.
The BC SPECULATION TAX applies to home owners in the following designated areas only: The Capital Regional District, Metro Vancouver, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo, Lantzville. Due MARCH 31, only those owning property classed as residential and located in a designated taxable region in BC must complete a declaration for the speculation and vacancy tax. If your home is your principal residence, you are exempt but you still must complete a declaration.
The VANCOUVER EMPTY HOMES TAX is for Vancouver residents only. This DOES NOT INCLUDE outer areas such as Richmond, West Vancouver, North Vancouver, Burnaby etc. Like the Speculation tax, the empty homes tax must be declared annually, regardless if you need to pay or not. Most homeowners will be exempt from paying the empty homes tax. The most useful indicators that your property will be exempt is if: a) The property was used as a principal residence by the owner, a family member, or a friend for a minimum of six months or, b) it was rented for a minimum of six months, or which at least 30 days were consecutive.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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