Speculation Tax Exemption for Strata Owners

If you own a condo or townhouse that falls under a strata rental ban, your unit will be exempt from paying the speculation tax until Dec. 31, 2021 as per Finance Minister Carole James’ recent announcement. The exemption was originally scheduled to expire this year. The additional time provides some financial relief for owners, but note it only applies to those who bought before the tax came into effect on October 16th, 2018. If your purchase was made after October 16th, 2018, you will be required to pay the tax even if you cannot rent your unit due to your strata.

B.C. and Canadian owners of multiple homes are required to pay a 0.5 per cent surcharge on the assessed value of their properties if they are not rented out at least six months of the year. This “speculation tax” applies throughout Greater Victoria.