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.