Due March 1, 2025

The speculation and vacancy tax is an annual tax based on how owners use residential properties in areas in B.C. affected most by the current housing shortage crisis. 

You can declare as soon as you receive your declaration letter. It includes your Letter ID and Declaration Code, which can be found at the top right corner of your letter

British Columbia

The 2025 rent increase limit for residential tenancies is 3%. 

When can a landlord increase the rent and what is the maximum allowable amount?

Landlords can only increase rent if it has been at least 12 months since:

1.) Rent was set at the beginning of a tenancy OR

2.) Rent was last legally increased during an existing tenancy.

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Property Transfer Tax on Newly built home exemption:

Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.

Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers.

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Property Tax Transfer (First Time Home Buyer)

1.) A full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;

2.) A partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;

3.) A sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and

4.) No exemption for properties with a FMV over $860,000.

A tenant must give a landlord written notice to end their tenancy as required by Residential Tenancy Act: Section 45. Both parties should keep a copy.

Tenants can write their own notice letter, which must include:

- Tenant’s name

- Date of letter

- Address of the rental unit

- Date the tenant plans to leave

- Tenant’s signature

If a tenant doesn’t serve proper notice or leaves a tenancy early, the landlord can apply for dispute resolution and the tenant may have to pay compensation.

For a month-to-month or periodic tenancy agreement:

A tenant must serve written notice to end the tenancy and make sure it’s received:

- At least One month before the effective date of the notice

- Before the day rent is due.

(It is important to note that this is not simply 30 days' notice but truly a complete rental month)

For a fixed-term tenancy (or lease) agreement:

A fixed-term agreement is set for a specific period of time (a year, a month or a week). At the end of the period, the landlord and tenant can agree to another fixed term or continue the tenancy on a month-to-month basis. If the tenant wants to move out when the fixed term ends, the tenant must serve written notice to end the tenancy so it’s received:

- At least One month before the effective date of the notice

- Before the day rent is due

A fixed-term tenancy cannot end earlier than the fixed date unless:

- Both parties agree in writing using a Mutual Agreement to End Tenancy (PDF, 1.6MB)

- There are special circumstances, such as if the tenant is fleeing from family or household violence or has been assessed for long-term care

- Ordered by an arbitrator

- The tenant breaks the lease, which may leave the tenant owing money to the landlord

* A tenant may ask the landlord for written permission to sublet or assign the tenancy to someone else.

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