On December 1, the Province announced changes to the Speculation and Vacancy Tax for 2026 with the intention to curb market speculation. Changes include: 

• 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%;
• Canadian citizens and permanent residents with empty or underused homes will pay a rate of 1%, up from 0.5%;
• The tax credit for BC residents will be increased from $2,000 to $4,000. The SVT tax credits are available to those who do not qualify for more than 20 exemptions from the tax. 

More information can be found in the full news release.