City overlay · Buying your first home in Canada

First-time home buyer programs in Vancouver

Vancouver layers two annual tax regimes on top of provincial Property Transfer Tax: BC's Speculation and Vacancy Tax and the City of Vancouver's Empty Homes Tax. Both exempt principal residences, but failing to file the annual declaration triggers the tax automatically.

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help Updated April 20, 2026 Methodology

0.5% to 2% of assessed value Speculation and Vacancy Tax

3% of assessed value Vancouver Empty Homes Tax

Available if filed Principal residence exemption

Municipal programs

BC Speculation and Vacancy Tax (SVT)

Annual tax on residential property in specified BC areas including Metro Vancouver. 0.5% for Canadian citizens and permanent residents, 2% for foreign owners and satellite families. Principal residence exemption requires filing the declaration every year.

Eligibility

Property in a specified SVT area
Exemption available for principal residence with annual declaration
Tenanted exemption available with qualifying tenants

Form: Annual SVT declaration

Vancouver Empty Homes Tax

Municipal tax of 3% of assessed value on residential properties deemed unoccupied. Principal residence exemption requires annual declaration to the City of Vancouver.

Eligibility

Residential property in the City of Vancouver
Exemption for principal residence with annual declaration
Tenanted properties exempt

Form: Vancouver Empty Homes Tax declaration

What else to know

If you buy in November or December, you still need to file both annual declarations for that tax year. Missed declarations default to the tax being owed.
The BC First-Time Home Buyers' Program Property Transfer Tax exemption is separate and applies at closing. See the BC province page.
Non-residents and satellite families face additional Property Transfer Tax on top of the base rate.