Don’t Miss the March 31st Deadline: What BC Homeowners Need to Know About the Speculation and Vacancy Tax

Tick-tock—tax time is ticking!

If you own residential property in British Columbia, this is your friendly reminder that the Speculation and Vacancy Tax (SVT) declaration deadline is March 31st. Even if you live in your home full-time, you still need to file a declaration each year to avoid being taxed at the highest rate.

What is the Speculation and Vacancy Tax?

The SVT is a BC government initiative aimed at discouraging housing speculation and keeping more homes available for local residents. It primarily applies to major urban areas—including Vancouver, where the real estate market continues to be one of the most competitive and costly in Canada.

This tax is not based on your income or mortgage—it’s based on how your property is used. That’s why every property owner must declare, whether the tax applies or not.

Who Needs to Declare?

Short answer: Almost everyone who owns residential property in a taxable region. That includes homeowners, landlords, and even those with vacation homes.

Important: Each owner listed on the title must submit their own declaration—even spouses.

What Happens If You Don’t Declare?

If you don’t file by March 31st, the province may assume your property is vacant and charge you the maximum tax rate, which can be as high as 2% of your home’s assessed value for foreign owners.

That’s not a mistake you want to make.

How Do You Declare?

It only takes a few minutes online. By now, you should have received a letter from the BC government in the mail with a unique declaration code. This letter is your ticket to compliance—don’t toss it out!

Visit: gov.bc.ca/spectaxFollow the steps, enter your code, and you’re good to go.

Why This Matters for Mortgage Planning

As a mortgage brokers, we’ve seen how tax issues—especially surprise ones—can affect financing, refinancing, or long-term investment strategies.

Whether you're:

• Planning to refinance

• Looking to purchase an investment property

• Curious how vacancy rules may affect your borrowing power

…this is the kind of thing you want to stay ahead of.

Have questions about how the SVT might affect your situation or mortgage goals? I’m here to help. Let’s talk about how to align your property decisions with smart financial planning.

Need mortgage guidance in Vancouver? Reach out today.