Today, March 31, is the final day to file BC Speculation and Vacancy Tax (SVT) declaration for the 2025 tax year. This is a "compliance tax." For most property owners in the Tri-Cities, you wont owe a dollar — if you have filed the paperwork by end of today. If you miss the deadline, the Province defaults this to the worst case scenario and assumes that maximum amount is owed. Here is a quick rundown talk on what you need to know.
"I missed the BC speculation and vacancy tax deadline. Is it too late to file?"
Technically, no. But keep in mind that you are now in "Damage Control" mode. While the official deadline is March 31st, the Province generally allows for late filing for the speculation and vacancy tax via their online portal using the Letter ID and Declaration Code.
However, once the system closes for the season and the "Notice of Assessments" are mailed out in April, the property will be automatically assessed at the maximum rate (2% for foreign owners/satellite families or 0.5% for BC residents). If that assessment goes unpaid past July 2, 2026, a 10% late payment penalty plus interest is added to the bill.
Act now: If you missed the boat today, file your late declaration online immediately before the manual audit process begins.
"How does the speculation and vacancy tax in Coquitlam and Port Coquitlam affect my new multiplex build?"
If you have a detached property in Coquitlam or PoCo that is currently sitting empty because you are waiting for building permits, the Province considers that property "vacant." To avoid the tax, you must claim the Land Under Development exemption.
This exemption isn't a "free pass." You must prove you are taking "reasonable steps" without "undue delay" to develop the property. This includes having your demolition permits, architectural contracts, and city applications ready for inspection.
2026 Audit Warning: The Province is auditing development exemptions more aggressively this year. If you are not able to show a paper trail of "eligible building activity," that exemption can be revoked retroactively.
"What happens if I forget the speculation tax declaration for a secondary property or a rental in Port Moody?"
Every person on title must file a separate declaration — no exceptions. If you own a rental condo near Moody Centre with a spouse or business partner and only one of you files, the "non-filer" will be billed for their portion of the property's value.
For 2025, that mistake on a $1M condo could cost a BC resident $2,500 (their 50% share at 0.5%). If you are a satellite family, that same mistake jumps to $10,000. Always confirm with your co-owners that their "Confirmation of Filing" has been received.
"If I am buying a property in the Tri-Cities in April, am I liable for the seller's missed speculation tax?"
This is the 'Cliff' that is far too easy to miss. While the SVT is technically a personal debt, the Province can secure it by placing a lien on the property. If that lien shows up on a Title Search, the seller’s missed paperwork officially becomes your problem.
When representing a development property buyer, I typically include a specific SVT Indemnity Clause in the contract. This ensures the seller is legally and financially responsible for any outstanding or retroactive assessments. One should not simply rely on a standard "clear title" promise and make sure you are aware how to verify the SVT status before removing subjects.
"What are the speculation and vacancy tax rates for the 2026 tax year?"
Looking ahead, the Province has announced rate hikes to further curb market speculation. Starting in the 2026 tax year (for filing in 2027), the rates will increase:
1% for Canadian citizens and permanent residents (up from 0.5%).
3% for foreign owners and untaxed worldwide earners (up from 2%).
The Advisor's Verdict
Don't let a simple administrative task eat $10,000 of your equity. If you missed the deadline today, file your late declaration immediately. Planning a development or buying a lot this spring? Let's have a straight-talk conversation about your property's highest and best use — I help you navigate the 2026 legislative landscape so you can focus on the build, not the taxes.