This tax is an annual tax that applies based on:
- How property owners use their residential property
- The property owner’s residency status
- Where property owners earn and report their income
For 2019 and subsequent years, the tax rate is:
- 2% for foreign owners and satellite families
- 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family
If a property has more than one owner, a separate declaration must be made for each owner, even if the other owner is your spouse or relative.
Because this tax is based on how each owner uses the property and whether they have foreign income, we need each owner on title to declare separately.
The speculation and vacancy tax is different from Vancouver’s empty homes tax. The rules for each tax and how they apply are not the same.
This means that if you own residential property in the City of Vancouver, you:
- Must declare separately for each tax
- May be exempt from one tax but have to pay the other
Properties deemed empty will be subject to a tax of 1% of the property’s 2019 assessed taxable value.