October in the Okanagan usually means harvest weekends and the first frost on the windshield, and this year it also means two trips to the polls in eight days. Local councils are chosen on Saturday, October 17, the provincial election follows on October 24, and the Bank of Canada makes its next rate decision on October 28. A few of the promises on the table touch the taxes homeowners pay, so we pulled together what each party has said, in our own words and without picking sides.
What the spec tax looks like today
BC's speculation and vacancy tax applies in Kelowna, West Kelowna, Lake Country and Peachland, which covers almost every community we write about on our Kelowna and West Kelowna pages. For the 2026 tax year, the rate is 1% of assessed value for Canadian citizens and permanent residents and 3% for foreign owners and untaxed worldwide earners.
The province says more than 99% of people are likely exempt, because they live in the home or rent it out for at least six months of the year. Even so, if you get a declaration letter, you still need to declare before March 31 each year.
What the NDP has proposed
On September 25, the BC NDP announced plans to raise the spec tax to 2% for domestic owners and 5% for foreign owners. The party also proposed a new tax on finished condos that sit unsold for more than a year, starting at 2% and climbing by 1% for each extra year. BCREA's chief economist has said the condo tax could affect developers' ability to build, so expect it to get plenty of discussion.What the other parties have said
The BC Conservatives' position has been reported two ways. In September, the Canadian Press reported the party would repeal the spec tax, and then at the October 14 leaders' debate, leader Lorne Doerkson said he would keep the spec tax and the foreign buyers tax in place.On the Green side, the platform puts its focus on supply, with a target of building and protecting 26,000 homes a year. CentreBC has proposed cutting development cost charges in half on new rental and below-market homes, along with an eight-week standard for building permits. Campaign positions can shift, so it's worth reading each party's own platform before you vote.
Who would feel a change here
For most people who live in their home full time, a change to the spec tax rate would make little day-to-day difference, since the principal residence exemption already covers them. The owners who'll want to pay closer attention are out-of-province second-home owners and investors with a unit that sits empty for part of the year.If you're shopping for a newer condo, the unsold condo tax is one to watch too. And if you own on Westbank First Nation land, our WFN leasehold guide explains why those homes are often treated differently when it comes to provincial property taxes.
Housing on the local ballot
Housing topped the agenda at the Kelowna all-candidates forum earlier this month, with candidates talking about infill, rental supply and keeping young families in town. Council decisions shape zoning, permits and what gets built on your street, so the local vote matters for homeowners just as much as the provincial one. Your city's election page lists every candidate and every polling station.What doesn't change on election night
Campaign promises aren't law. Any change to the spec tax, or a brand new condo tax, would need legislation first, and the details could look quite different by then. Your March 31 declaration still applies either way, and if you own more than one property or aren't sure which exemption fits you, a quick conversation with your accountant is time well spent. For dates, polling stations and how to vote by mail, Elections BC has everything in one place.Quick answers
Does the BC spec tax apply in Kelowna and West Kelowna? Yes. Kelowna, West Kelowna, Lake Country and Peachland are all designated taxable areas. Most owners who live in their home as a principal residence, or rent it out for at least six months of the year, qualify for an exemption. Anyone who receives a declaration letter still needs to declare before March 31.
What are the BC spec tax rates for 2026? For the 2026 tax year, the rate is 1% of assessed value for Canadian citizens and permanent residents, and 3% for foreign owners and untaxed worldwide earners. The BC NDP has proposed raising those to 2% and 5%. Any change would need new legislation before it takes effect.
What is the proposed unsold condo tax in BC? It's a campaign proposal the BC NDP announced on September 25, 2026. It would apply to finished condos left unsold for more than a year, starting at 2% and rising by 1% for each additional year. It is not law today, and the details could change if it moves forward.
When is the next Bank of Canada rate decision? The Bank of Canada's next announcement is October 28, 2026, and its policy rate has been 2.25% since late 2025. If your mortgage is up for renewal soon, it's a good date to have on your calendar, and your mortgage broker or lender can walk you through what it means for you.
Whatever happens on the 24th, we'll be watching closely and we're always happy to talk through what it means for your home, if you're thinking about buying or just have a few questions. Get in touch anytime.
