Speculation/Licensing | Elite Vacation Homes

Speculation Tax

Primary, for speculation tax is considered the address you reside at the longest in a calendar year.

Primary Residence

You do not need any rentals or any specific duration of rentals to be exempt from speculation tax

To be exempt:

Must rent min. 6 months/calendar

year in 1 month min periods

(Does not have to be consecutive)

Non Primary Residence

Time owner stays in home DOES NOT count towards those months.

(Must be made up of rentals).

Short-term rentals for periods of less than one month do not count towards the six-month total.

After 6 months of rentals have been met, you can rent short term for the duration of that calendar year. (Subject to strata/city licensing restrictions).

If requirements not met:

2% for foreign owners

and satellite families

(Satellite Family: An individual or spousal unit (even if Canadian Citizens or permanent residents of Canada) if majority of their total worldwide income for the year is not reported on a Canadian personal income tax return

0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family

Licensing

Can rent entire home 3-4x/year short term (under 30 days). Or up to 2 beds in home while owner is living in the home

Must rent long term, 30 days or

more or not at all.

No license required

$150 for license

City Of Victoria Condos

Primary Condo

Short-term rental cannot occupy an entire self-contained dwelling unit, except occasionally while the operator is away.

Non Primary Condo

If renting only long term (30 days or more), no license is required

$1500 for license can rent out as much as you like short term as long as you meet the requirements.

$150 for license

Can rent entire space 3-4x/year short term (under 30 days). Or up to 2 beds in home while owner is living in the home

Requirements: The condo is zoned for transient use. However, if the strata is not in compliance, the strata always has final say.

Primary for licensing is considered the address you reside at for a min. of 6 months in a calendar year.