By Sean Phillips, REALTOR®, Strand resident ·
Short answer: Many Albertans buy Okanagan condos as summer or weekend homes. Before you buy, understand five BC-specific costs and rules: property transfer tax, the speculation and vacancy tax, BC's short-term rental rules, insurance for a part-time home, and each strata's bylaws. With the right plan, a lock-and-leave waterfront condo can work well as a second home.
1. Property transfer tax
BC charges property transfer tax when you buy: 1% on the first $200,000 and 2% on the portion up to $2 million. First-time buyer exemptions don't apply to second homes. See how BC property transfer tax works.
2. Speculation and vacancy tax
Vernon is now a taxable area for BC's speculation and vacancy tax. If your condo isn't your principal residence and isn't rented long-term, you may owe it each year. Read what the SVT means for Vernon owners.
3. Short-term rental rules
BC's principal residence requirement applies in Vernon, so in most condos you generally can't offer nightly or weekly rentals in a second home. The exception is a small number of resort properties that qualify as strata hotels, such as The Strand and The Outback Resort, where owners can offer short stays with a City of Vernon licence, provincial registration and commercial rental insurance. Long-term rentals and stays of 90 days or more are options almost anywhere, subject to the strata's bylaws.
4. Insurance for a part-time home
Tell your insurer the condo is a secondary residence. Some policies require regular checks when the unit is empty, especially in winter. Also make sure you're covered for the strata's deductible.
5. Property taxes and the home owner grant
You'll pay City of Vernon property taxes. BC's home owner grant, which reduces property tax, is only for a principal residence, so it generally won't apply to a second home.
Getting there
Vernon is roughly a six-hour drive from Calgary through the Rockies, and Kelowna International Airport (about 40 minutes from Okanagan Landing) has direct flights to Alberta.
Frequently asked questions
Can an Albertan buy a condo in Vernon, BC?
Yes. Canadians from any province can buy in BC. Just plan for BC-specific costs such as property transfer tax and the speculation and vacancy tax.
Can I Airbnb my Okanagan second home?
Usually not for stays under 90 days, because BC's principal residence requirement applies in Vernon. The exception is a strata-hotel property such as The Strand or The Outback Resort, where short stays are allowed with the right licence, registration and insurance. Long-term and 90-day-plus rentals are still options.
Will I pay the speculation tax on my Vernon second home?
You may, if the home isn't your principal residence and isn't rented long-term. Every owner must file an annual declaration.
More guides to Okanagan Landing and The Strand
- Does BC's Speculation and Vacancy Tax Apply in Vernon?
- BC Property Transfer Tax: What Condo Buyers Need to Know
- Lock-and-Leave Living: Why Snowbirds Choose Okanagan Condos
- The Strand Lakeside FAQ: 50 questions answered
Have a question about waterfront living in Vernon?
I'm Sean Phillips, a REALTOR® with Coldwell Banker Executives Realty. I live at The Strand in Okanagan Landing and specialise in Vernon-area waterfront condos. For current listings and recent sales, visit 7343okanaganlanding.ca.
Text Sean: 778-363-0542
Call or text Sarah, my 24/7 info line: 604-227-4810
This article is general information as of fall 2026, not legal, tax or financial advice. Rules, fees and conditions change, so always confirm details with the appropriate professional or authority before making a decision.
General information only, not legal, tax or financial advice. Confirm details for your situation with the appropriate professional.
