Today, the Government of BC released more details regarding the new Speculation Tax. Essentially, the speculation tax will apply to:

• Metro Vancouver
• The Capital Regional District (excluding the Gulf Islands and Juan de Fuca)
• Kelowna and West Kelowna
• Nanaimo-Lantzville
• Abbotsford, Chilliwack and Mission

In 2018, the tax rate for all properties subject to the tax is 0.5% of the property value. 

In 2019 and subsequent years, the tax rates will be as follows:

• 2% for foreign investors and satellite families;
• 1% for Canadian citizens and permanent residents who do not live in British Columbia; and
• 0.5% for British Columbians who are Canadian citizens or permanent residents (and not members of a satellite family).

For more details go to https://news.gov.bc.ca/releases/2018FIN0009-000501