The Province considers changes to the SVT every year to ensure the tax is working effectively for communities and freeing up homes for people in British Columbia. In its seventh year, changes coming to the SVT in 2026 include:
• As announced in Budget 2025, foreign owners and owners with most of their income unreported in Canada will be subject to a tax rate of 3% starting in the 2026 tax year, up from 2%. This is based on independent advice that increasing the SVT rates may further motivate people to use, rent out or put their empty homes on the market.
• Canadian citizens and permanent residents with empty or underused homes will pay a rate of 1%, up from 0.5%.
• The tax credit for B.C. residents will be increased from $2,000 to $4,000. The SVT tax credits are available to those who don’t qualify for the more than 20 exemptions from the tax
Source: LandlordBC
