British ColumbiaBC-M243First Reading
BC-M243: Bill M 243: Speculation and Vacancy Tax Repeal Act
Sponsor: Tara ArmstrongIntroduced April 16, 2026Last checked August 28, 2026
Read the official textOfficial version
What this bill does
This bill repeals British Columbia's Speculation and Vacancy Tax Act, which imposed an annual tax on owners of vacant or underused residential properties in designated urban areas. The bill preserves the province's ability to collect and enforce any tax liabilities that arose before the repeal date.
Plain-language summary by Legisail.
Business impact
TaxCompliance
This bill primarily affects property owners and real estate investors in major British Columbia urban centres — including Metro Vancouver, Victoria, Kelowna, Nanaimo, Abbotsford, Chilliwack, West Kelowna, Mission, and Lantzville — who currently pay the speculation and vacancy tax on residential properties that sit empty or are not rented out. Landlords, developers holding unsold inventory, and individuals or corporations owning secondary residences or investment properties in these areas would no longer face the annual tax (which ranged from 0.5% to 2% of assessed value). Property management companies and tax advisors who help clients navigate SVT declarations and exemptions would see reduced compliance work. The repeal could also affect short-term rental operators, as the bill removes a cross-reference in the Short-Term Rental Accommodations Regulation tied to SVT exemptions.
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Where this bill is
First ReadingApril 16, 2026
Next: Second Reading debate
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