Back in 2016, Vancouver city council has voted to approve a tax on empty homes introduced a 1% tax on homes that are not principal residences or aren’t rented out for at least six months of the year, in response to a large number of homes reportedly being left vacant by overseas investors.
In March 2018, the provincial government announced a modified rate structure for the speculation and vacancy tax (SVT), which is based on the value of a residential property. Specifically: