Who pays the Speculation Tax, and How Much?

“Only those who own multiple properties and leave them empty in major cities will be asked to contribute,” said Carol James. “People with cottages at the lake, or cabins, or the islands, will not pay this tax. People with second homes outside of high-cost urban areas will not pay the tax.”

The speculation tax, based on a percentage of property value and to be paid annually, applies to Metro Vancouver, the Capital Regional District (excluding the Gulf Islands and Juan de Fuca), Kelowna, West Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack and Mission. Have a look at the map provided by the BC Government to see the areas that are impacted.

The highest rate of two per cent of assessed property value will apply to foreign owners. Canadians and permanent residents not living in B.C. will pay one per cent. British Columbians who are Canadians or permanent residents with second homes in major urban centres will pay 0.5 per cent.