The City of Vancouver has approved an Empty Homes Tax aimed at boosting rental rates in our city’s incredibly hot market.
All non-principal residences left unoccupied for at least six months of the year will be subject to a 1% tax on the assessed value of the property, as of 2017.
The new tax is aimed at tackling affordability issues and increasing rental supply in Vancouver, where it is becoming impossible to even find a place to rent, let alone buy.
According to the City, more than 22,000 homes in Vancouver were found to be unoccupied or occupied by temporary residents on Census Day in May 2011.
Meanwhile, this year the City found 10,800 homes were not occupied, and concluded that put a strain on a housing market that’s already stretched to capacity.
There will be some exemptions on which land and homes are subject to the tax, including .
- -properties are undergoing major renovations, under construction or in redevelopment...