Professional Realtor ® Engel & Völkers Vancouver, Canada

Vancouver approves Empty Homes Tax in effort to increase rental housing supply


vacant homes feature "In Vancouver's rental housing crisis, the city can't afford to sit on the sidelines while more than 20,000 empty and underused homes hold back badly-needed longer-term rentals," says Mayor Gregor Robertson.

City Council has approved a program that will introduce a 1% tax on empty homes. Targeting as many as 22,000 empty or under-utilized homes in Vancouver, the Empty Homes Tax will apply to those properties that are neither an owner's principal residence nor being rented on a long-term basis. Vacant residential land will also be subject to the Tax.

"In Vancouver's rental housing crisis, the city can't afford to sit on the sidelines while more than 20,000 empty and underused homes hold back badly-needed longer-term rentals," says Mayor Gregor Robertson. "The Empty Homes Tax won't solve the rental crisis, but it's one piece of the puzzle to boosting rental supply and bringing relief to renters by turning thousands of empty and underused homes into rental properties. In this tough housing market, it's unacceptable for so much housing to be treated as a commodity when people are desperate for an affordable, secure place to live."

Most Vancouver homeowners, including snowbirds, will not have to pay the Empty Homes Tax. Principal residences—whether of the registered owner or his/her family member—are not subject to the Tax, nor are properties that are rented for six months of the year or more, in periods of at least 30 consecutive days. Read more ...

 


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