By Jared Gibbons – South Surrey & Langley Realtor
If you’re a homeowner or investor in South Surrey, Langley, or surrounding Metro Vancouver regions, recent updates to B.C.’s Speculation and Vacancy Tax (SVT) could have a significant impact on your real estate plans.
As of January 1, 2026, the province is increasing the tax rates for those who own residential properties in designated taxable areas and are not using them as their principal residence or renting them out for at least six months of the year.
🔍 What is the Speculation and Vacancy Tax?
The SVT was introduced to target vacant and underused homes, encouraging owners to rent out properties and increase housing supply in B.C. It applies to homeowners in key urban areas — including South Surrey, parts of Langley, and much of the Fraser Valley.
💸 Updated Tax Rates for 2026 and Beyond
According to the Government of B.C., new rates will apply based on your residency status and worldwide income:
Foreign owners and untaxed worldwide earners:
🔺 3% of the property’s assessed valueCanadian citizens or permanent residents (not untaxed worldwide earners):
🔺 1% of the property’s assessed value
These changes come into effect for the 2026 tax year and will impact taxes payable in July 2027.
👥 What if You Co-Own a Property?
If you share ownership of a property — whether with a spouse, business partner, or through a corporation — the tax owed is calculated based on each individual’s ownership share and tax status. For example, if one of the co-owners is a foreign national or an untaxed worldwide earner, the highest tax rate can apply to the entire corporate or trust ownership group.
Learn more about shared ownership rules here.
🗓 Key Tax Timeline
Tax Year: January 1 to December 31
Declaration Deadline: March of the following year
Payment Due: July 2 following the tax year
So, if you owe tax for 2024, the payment is due July 2, 2025.
✅ Who Is Exempt?
Many property owners are exempt if:
The home is your principal residence
The home is rented for at least 6 months of the year (in monthly increments)
You’re undergoing medical care or residing in a care facility
The property was inherited or undergoing major renovations
To find out if you qualify, visit the full list of SVT exemptions.
🏡 What Does This Mean for Buyers and Sellers in South Surrey & Langley?
For homeowners with secondary properties or vacation homes, the increased tax rate could make it more expensive to hold onto unused real estate.
For investors, this may influence decisions on property purchases, especially if properties are left vacant or underutilized.
For buyers looking for homes that are exempt or already tenanted, this change may increase inventory as others seek to sell.