The speculation and vacancy tax is designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to BC’s tax system.  Area Specific Speculation / Vacancy Tax may apply to your purchase if you do not reside in it as a principal residence or rent it out for at least six months per year. Residents must declare their use each year. This link is to a map of the areas in the Greater Victoria Area