Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Speculation &Vacancy Tax and Vancouver’s Empty Homes Tax

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The speculation and vacancy tax is an annual tax paid by owners of residential properties in designated taxable regions of BC. It only applies to properties classified as residential that are also in designated taxable regions.

Registered owners of residential property in a designated taxable region must complete a declaration EACH YEAR to declare their residency status and how their property has been used. If a property has more than one owner, each owner must declare separately even if the other owner is spouse or relative.

Declaration timeline is:

  • Receive declaration letter mid-January to mid-February
  • Declare by March 31 (declare how you used your property last year. If asked about your income, use income from the year before last year
  • If you owe tax, pay by the first business day in July.

The designated taxable regions include Capital Regional District, Metro Vancouver Regional District, City of Abbotsford, District of Mission, City of Chilliwack, City of Kelowna, City of West Kelowna, City of Nanaimo, District of Lantzville.

There are some exclusions

  • Reserve lands, treaty lands and lands of self-governing Indigenous Nations are not part of the taxable regions. 
  • Islands that are accessible only by air or water are not part of the taxable regions, except for Vancouver Island. 

Also, there are some exemptions for individuals even if the properties are in taxable regions:

  • Principal residence exemptions
  • Previous principal residence
  • Occupied by a tenant
  • Can't live in the residence because it's uninhabitable
  • Secondary residence close to medical treatment facility
  • Just bought or inherited the property
  • Separation or divorce
  • Bankruptcy
  • Recent death of owner
  • Property is in a trust created by a will for a minor
  • Property is in a trust for the benefit of a charity
  • Property has rental restrictions
  • Property is a strata hotel
  • Property includes a licensed child daycare
  • property is only accessible by water
  • Other exclusions from tax

Speculation & vacancy tax is different with Vancouver’s empty homes tax.

Speculation & Vacancy Tax

Vancouver’s Empty Homes Tax

The government of BC

City of Vancouver

Tax rate is 0.5% of the previous year’s assessed property tax for Canadian citizens, 2% for foreign owners and satellite families.

1% of the property’s assessed taxable value.

If you would like to have more information regarding property taxes, please click here or contact me at awang@macrealty.com 

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