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By Liam Verster

Speculation and Vacancy Tax

Speculation tax comes into effect in Vernon, Coldstream in 2025

Dec 18, 2024 | 11:41 AM

The provincial speculation tax will come into effect in 59 B.C. municipalities in the new year, including many local ones.

The speculation and vacancy tax (SVT) is a penalty imposed on residential properties not being lived in or rented out.

The tax will be expanded to include 13 new communities in 2025, including Vernon, Coldstream, Lake Country, Salmon Arm, Peachland, Summerland, Penticton and Kamloops.

Property owners in these and the 51 other municipalities will receive instructions from the province on how to file a declaration and remain exempt from the tax in January of 2025. That declaration must be submitted before the deadline on March 31, 2025.

The SVT launched in 2018 and the province said more than 99 per cent of property owners who live in B.C. remain exempt from the tax, adding the majority of revenue has so far come from non-B.C. residents.

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The province also noted that money generated from the tax goes towards housing programs in municipalities where the SVT is in place, noting $75.2-million was collected through the tax in 2023 and helped contribute to the $1.8-billion in housing investments made in SVT specified areas in 2023-24.