A foreign national lawfully buys a $2,000,000 home in Metro Vancouver and leaves it vacant for all of 2026. Which additional BC taxes apply?
Correct Answer
D) 20% additional PTT ($400,000) and SVT at 3% of assessed value for 2026
Metro Vancouver is a specified area, so a foreign entity pays the additional Property Transfer Tax at the prescribed rate of 20%: 20% x $2,000,000 = $400,000. For 2026 the speculation and vacancy tax rate for foreign owners is 3% of assessed value (it was 2% for 2019 to 2025 and is scheduled to rise to 4% for 2027).
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Previous Question
A first-time home buyer signs an agreement in May 2026 to buy a newly built home in Ontario from a builder for $450,000 before tax, to live in as a primary residence. If all conditions are met, what is the most HST that can be rebated under the federal and Ontario rebates combined?
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