The Speculation and Vacancy Tax (SVT) is an annual tax based on how owners use residential properties in areas in BC. This tax is designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to BC’s tax system.
Revenue from the SVT is directed into the Province’s Housing Priority Initiatives Special Account and is required to be spent in the regional district where it is collected. The allocation of this tax revenue is based on a regional approach because housing unaffordability does not affect one municipality in isolation; what occurs in one municipality affects an entire region.
The declaration and collection of this tax is administered directly by the Province of BC.
Visit the provincial website for the Speculation and Vacancy Tax