Changes to BC Speculation Tax

On March 26, 2018, the provincial government announced it is making some changes to the speculation tax first introduced in February as part of the BC Budget 2018.

  • The new Speculation Tax will now be limited to Nanaimo and Greater Victoria, exempting Parksville, Qualicum Beach, the Gulf Islands and Juan de Fuca areas
  • The original Fraser Valley location will be reduced to Mission, Abbotsford and Chilliwack, exempting Kent, Hope and Harrison Hot Springs
  • Bowen Island and Whistler which is suffering a rental crisis are exempted.

The government unveiled three rate structures for the tax as well:

  • 2% full rate for foreign property owners
  • 1% for out-of-province owners
  • 0.5% for British Columbians who own multiple properties but don’t rent them out for at least 6 months of the year.

Read more about BC Speculation Tax here