[Updated For 2026] Homeowner’s Guide to the BC Property Tax, Empty Homes Tax & More

For homeowners and landlords, the cost of ownership extends far beyond the price paid for a property. It may include maintenance, repair and renovation costs but it always includes a variety of federal, provincial and municipal taxes. B.C.’s taxation system is unique for a few reasons, and can often confuse newer homeowners. In this guide, which has been updated in time for the 2024 property tax deadline, we’ll highlight all the taxes B.C. homeowners need to keep in mind, including the BC property tax, Empty Homes Tax, and more.

Goods and Service Tax (GST)

(ONE TIME PAYMENT)

The federal Goods and Services tax (GST) is charged on all new properties. It is 5% of the purchase price. A GST New Housing rebate

First-time homebuyers could qualify for a rebate of up to $50,000 on the GST (or the federal portion of the HST) paid for a new home priced up to $1.5 million.

The First-time Home Buyers’ (FTHB) GST/HST rebate applies to homes purchased from a builder if the purchase agreement is signed on or after March 20, 2025, and before 2031, with construction substantially completed before 2036.

For owner-built homes, the rebate applies where construction or major renovation begins on or after March 20, 2025, and before 2031, and is substantially completed before 2036.

Keep in mind, the GST tax will also be charged on services typically associated with a purchase like appraisal and inspection fees, lawyers, notary publics and realtors.

Provincial Sales Tax (PST)

You do not have to pay B.C.’s provincial sales tax of 7% on the purchase of a property. This includes strata units.

Property Transfer Tax

(ONE TIME PAYMENT)

Once you purchase a property, you will need to pay a one-time Provincial Property Transfer Tax (PTT). The general property transfer tax applies for all taxable transactions. The general property transfer tax rate is:

• 1% of the fair market value up to and including $200,000
• 2% of the fair market value greater than $200,000 and up to and including $2,000,000
• 3% of the fair market value greater than $2,000,000

If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000. Refer to the PTT calculator for an accurate figure.

First-time home buyer

If you are a first-time home buyer, you may be exempt from paying the PTT. The First-Time Home Buyers’ Program can reduce or eliminate the property transfer tax you pay when purchasing your first home. If you meet the eligibility requirements, you may qualify for either a full or partial exemption.

If there are multiple buyers and not all qualify, only the portion of the property owned by the eligible first-time home buyer(s) can receive the exemption.

For example, if you purchase a 60% interest in a property and another person purchases the remaining 40%, but only you qualify, then only your 60% share would be eligible for the exemption.

To qualify for a full exemption, you must meet the following criteria at the time the property is registered:

• Be a Canadian citizen or permanent resident
• Meet one of the following residency requirements:
  • Have lived in British Columbia for at least one year immediately before the registration date, or
  • Have filed at least two income tax returns as a B.C. resident within the six taxation years before the registration date
• Have never owned an interest in a property anywhere in the world that you used as your principal residence
• Have never previously received a first-time home buyers’ exemption or refund

The property must also meet these conditions:

• Be used only as your principal residence
• Have a fair market value of $835,000 or less (effective April 1, 2024)
• Be 0.5 hectares (1.24 acres) or smaller
• Contain only residential improvements

If all of these requirements are met, you will be exempt from property transfer tax on the first $500,000 of the property’s purchase price.

Note: If the home was purchased before April 1, 2024, the fair market value must be $500,000 or less to qualify for the full exemption.

Check here for information on exemptions for other qualifying buyers of new homes.

BC Property Tax

(ANNUAL PAYMENT)

Every property owner in British Columbia is subject to property taxes which are calculated on the municipal level based on your property’s valuation and thus, vary from place to place. The money collected by your city goes to fund many of the essential services we depend on for a safe community including the police, fire fighting, waste and sewage management, a school tax, clean water, and emergency rescue.

They also fund the recreation and community centres, libraries, parks, and services and support programs which play an integral role in ensuring the vibrancy and livability of our neighbourhoods. These different taxes, such as school taxes, are included in your annual BC property tax assessment.

Property tax rates determine how much property tax you pay and are based on the assessed value of your property. Refer to the B.C. Assessment website and enter your address for an accurate value.

In Vancouver, annual property tax payments are due twice a year — called advance taxes and main taxes. For 2026, advance taxes are due February 2 and main taxes are due July 3.

Vancouver Empty Homes Tax

(ANNUAL PAYMENT)

The Vancouver Empty Homes Tax was instituted to target vacant properties, increase vacancy rates and create affordable, rental housing for people who live and work in Vancouver. Vancouver homeowners are required to submit a declaration each year to determine if their property is subject to the Empty Homes Tax. Properties deemed or declared empty in the 2025 reference year will be subject to a tax of 3% of the property’s 2025 assessed taxable value.

The important dates for this tax are as follows:

1. Jan 1-Dec 31, 2025
   Vacancy reference period
2. Feb 3, 2026
   Declaration deadline
3. July 3, 2027
   Final deadline without penalty

B.C. Speculation and Vacancy Tax

(ANNUAL PAYMENT)

The provincial Speculation and Vacancy tax is an annual tax based on how owners use residential properties in B.C.’s major urban areas. Coupled with the Vancouver Empty Homes Tax, both are designed to help combat skyrocketing house prices in various regions and the limited rental supply by encouraging owners, who do not occupy their properties, to place them on the rental market to provide housing for people who live and work in the area.

To find out if you are in the taxable area, you can refer to this interactive map, a list of areas is available as well: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/how-tax-works/taxable-areas

For 2026 and subsequent years, the tax rate is:

• 3% for foreign owners and untaxed worldwide earners
• 1% for Canadian citizens or permanent residents of Canada who are not untaxed worldwide earners

The new tax rates effective January 1, 2026, will apply to the speculation and vacancy tax payable by property owners based on the use of their residential properties during the 2026 calendar year and onward, and will not impact taxpayers declaring based on the use of their residential properties in 2025 or before.

For 2019 to 2025, the tax rate is:

• 2% for foreign owners and untaxed worldwide earners
• 0.5% for Canadian citizens or permanent residents of Canada who are not untaxed worldwide earners

The speculation and vacancy tax applies based on ownership as of December 31 each year.A speculation and vacancy tax year is the same as a calendar year. Tax for a calendar year is due the following July. For example, for a property where the owner owes taxes for 2024, the amounts are due on July 2, 2025.  

Like the Empty Homes Tax, the onus is on owners to annually declare their residency status and whether their property is occupied for at least 6 months of the year to qualify for an exemption from this tax.

Property tax rates by city in the Lower Mainland

2024 Tax rates for Cities Near Vancouver

City	Final Tax Rate
North Vancouver	0.302580 %
West Vancouver	0.275980 %
Burnaby	0.283470 %
Richmond	0.304070 %

Source: wowa.ca

Though these are considerable costs, there are ways to save. Be sure to investigate the government incentives and rebates available to you which will help to offset the money you’ve paid in taxes.

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