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Understanding B.C.’s Speculation and Vacancy Tax: What You Need to Know

If you own residential property in British Columbia, you may be required to declare for the Speculation and Vacancy Tax (SVT). This tax aims to reduce real estate speculation and increase housing availability by discouraging property owners from leaving homes vacant.

What Is the Speculation and Vacancy Tax?

The SVT applies to homes that are vacant or underutilized in designated regions of BC. Introduced in 2018, the tax targets property owners who are not full-time BC residents or those who leave their properties empty for most of the year. The goal is to encourage property owners to either rent out their homes or contribute additional tax revenue toward affordable housing initiatives.

The tax applies in specific regions, including:

  • Metro Vancouver

  • Greater Victoria

  • Kelowna and West Kelowna

  • Nanaimo

  • Chilliwack, Abbotsford, Mission, and Langford

Who Needs to Declare?

Every residential property owner in affected areas must complete a declaration each year, even if they are exempt. Most BC residents will qualify for an exemption, such as:

  • Using the property as their primary residence

  • Renting it out for at least six months of the year (in increments of at least 30 days)

  • Certain special circumstances (e.g., medical reasons, death of an owner, recent property purchase)

If you do not qualify for an exemption, you may need to pay:

  • 0.5% of the property’s assessed value (for Canadian citizens and permanent residents)

  • 2.0% of the property’s assessed value (for foreign owners and satellite families)

When Is the Deadline?

  • The annual declaration deadline is March 31.

  • If the tax applies to you, payment is due by July 2.

How to Declare

Property owners will receive a declaration letter in the mail with instructions and a unique code. You can declare:

  • Online: gov.bc.ca/spectax

  • By Phone: Call the SVT hotline (contact details will be in your letter)

Make sure to declare by March 31 to avoid penalties.

Final Thoughts

Even if you do not owe any tax, you must still declare. Failing to do so may result in penalties or being charged the tax. If you have multiple properties, a declaration is required for each one.

If you have questions or need assistance with your declaration, visit the BC government website or speak with a tax professional.

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Happy National Popcorn Day!

Happy National Popcorn Day to all the popcorn enthusiasts out there! It’s the perfect excuse to fire up the popcorn maker, grab a cozy blanket, and enjoy a movie night at home. For football fans, it’s also a great opportunity to set up a popcorn bar with different toppings and shakers for game day snacks.

Cineplex Theatres 
That’s right, National Popcorn Day is back and bigger than ever! This year, enjoy free popcorn all weekend long! From January 17-19, all Scene+ members will receive a FREE small popcorn with a movie ticket purchase (for films showing on January 17-19) at any Cineplex location* because popcorn is the real star!Cineplex is also offering family deals. Movies starting at $3.99 per person. Details available on their website at Cineplex.com

Landmark Cinemas
To celebrate National Popcorn Day on January 19th, Landmark Cinemas will also be offering a free popcorn on the 19th. They are also holding a contest giving you a chance to win a YEAR of popcorn. One popcorn. Every day. For 365 days.

TO ENTER:
Tune into our Instagram stories (Landmark IG) the next 6 days and answer a trivia question correctly. Each correct answer is an entry. Good luck!

Below is my favorite popcorn recipe. It’s a classic, but if you don’t often make popcorn on the stove, it’s a great reminder of how simple and delicious it can be!

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Open House. Open House on Saturday, October 12, 2024 1:00PM - 3:00PM

Please visit our Open House at 1 17097 64 AVE in Surrey. See details here

Open House on Saturday, October 12, 2024 1:00PM - 3:00PM

Welcome to Kentucky! This 2,402 sq ft home shows like a 10! Featuring 3-4 bedrooms, 4 baths this home feels like a detached home. The main floor boasts an open concept w/vaulted ceilings, a kitchen with top-of-the-line Samsung & 5-piece bath, 2 large bedrooms, and a full bath. The basement offers 2 flex spaces, one of which can be used as a bedroom plus a full bath. Spotless double wide garage with epoxy, floor, AC, built-in exterior surveillance system. Central vacuum & permanent trim lighting. Family-friendly clubhouse with gym and hockey court. Located across from Cloverdale Athletic Park, transit, and close to George Greenway Elementary Tweedsmuir.OPEN HOUSE Sat Oct 12 1-3pm

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New property listed in Cloverdale BC, Cloverdale

I have listed a new property at 1 17097 64 AVE in Surrey. See details here

Welcome to Kentucky! This 2,402 sq ft home shows like a 10! Featuring 3-4 bedrooms, 4 baths this home feels like a detached home. The main floor boasts an open concept w/vaulted ceilings, a kitchen with top-of-the-line Samsung & 5-piece bath, 2 large bedrooms, and a full bath. The basement offers 2 flex spaces, one of which can be used as a bedroom plus a full bath. Spotless double wide garage with epoxy, floor, AC, built-in exterior surveillance system. Central vacuum & permanent trim lighting. Family-friendly clubhouse with gym and hockey court. Located across from Cloverdale Athletic Park, transit, and close to George Greenway Elementary Tweedsmuir.

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I have sold a property at 3858 196A ST in Langley

I have sold a property at 3858 196A ST in Langley on Jun 19, 2024. See details here

Looking for a brand new home with peace and quiet in Brookswood? This new home being built by Dutch builder, Monarch Developments, is located on a half acre lot in a quiet cul-de-sac with a meandering creek in behind. The home has large windows to take in the view of trees and the creek. It was designed to maximize functional space with a large open main floor. 4bdrms/4baths. Upstairs has 3bdrms, a laundry room, and a flex space. Primary has vaulted ceiling, walk in closet and full ensuite. The basement level enjoys lots of natural light and includes a den/bdrm, full bathroom, and separate entry. Oversized single garage plus a covered patio for year round entertainment. Roughed in for a/c. Expected completion July 2024. Full designer spec package available to review.

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I have sold a property at 503 211 TWELFTH ST in New Westminster

I have sold a property at 503 211 TWELFTH ST in New Westminster on Mar 3, 2024. See details here

Penthouse Living in “Discovery Reach” in beautiful New Westminster. Get inside this beautifully updated 2 bedroom, 2 bathroom condo that features new flooring, modern paint colors throughout, high ceilings, cozy gas fireplace, private bedroom separation, 2 parking stalls, storage locker and a gorgeous oversized courtyard to enjoy. This home is located in a central location and is close to skytrain, public transit, Westminster Quay, Queens Park, schools, restaurants and much more. Units like this rarely become available. Pets allowed with restrictions and rentals allowed. This home is Move in ready and Quick Possession is available.

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I have sold a property at 109 17712 57A AVE in Surrey

I have sold a property at 109 17712 57A AVE in Surrey on Nov 29, 2023. See details here

Looking for a large 1bdrm condo with a patio and your own garden? Welcome to this bright, South facing, ground floor unit featuring 659 sqft of living space. The 9ft ceilings give a spacious feeling and the open plan kitchen is designed for entertaining. A huge primary bedroom offers space for your bed and a desk. In suite laundry, stainless appliances and granite countertops. 1 parking and storage locker included. No age restrictions, rentals allowed and pets ok (one dog or cat which shall not exceed the height limit of 14" at the shoulder)! Well run and maintained building within walking distance to amenities, transit and parks.

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I have sold a property at 101 7967 197 ST in Langley

I have sold a property at 101 7967 197 ST in Langley on Jul 27, 2023. See details here

Welcome to Foundry. This exceptionally bright end unit townhome is in brand new condition! Two bedrooms plus den/flex and 3 bathrooms. Over 1,300sqft and located on the outside of the complex with street parking right out front. Enter into a foyer with den and 2 pc bath. Single garage plus covered outside parking - extra tall fits a large or lifted truck. Walk up to the main floor with an open plan kitchen and many windows. Gas stove and upgraded additional kitchen cabinets. Upstairs you will see upgraded laminate flooring instead of carpet, two spacious bedrooms including a vaulted master bedroom. Don't worry about these hot Summers with A/C installed. Quick possession possible! Two pets ok and rentals allowed. Fantastic location close to all amenities!

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