A sold home is pictured in Vancouver on Thursday, Feb. 11, 2016. (THE CANADIAN PRESS/Jonathan Hayward)

Vancouver expects $30 million in first year of empty homes tax

City says it’s collected $18 million so far from the tax that aims to ease the near-zero vacancy rate

The City of Vancouver says it has collected $18 million from the first year of its empty homes tax and another $12 million could still flow into its coffers.

The city says in a news release that it expects to generate a total of $30 million from the first year of the tax which is applied to vacant residential properties in a bid to ease Vancouver’s near-zero vacancy rate.

The city says $8 million raised by the tax in 2017 has already been earmarked by council for specific affordable housing initiatives.

More details of the first year of the empty homes tax are due to be released Dec. 1 in the city’s first annual report on the levy.

Owners of residential properties are also being advised they must submit a property status declaration by Feb. 4, 2019, in order to meet the provisions of the tax for 2018.

Owners who don’t declare that status will be taxed, which amounts to one per cent of a property’s assessed value, and owners who miss the due date by even a day will also face a $250 penalty.

RELATED: B.C. NDP retreats again on empty-home tax for urban areas

Mayor Kennedy Stewart says the tax is an important strategy in managing Vancouver’s unaffordable housing market.

“Housing affordability is the most important issue in our city, and the empty homes tax is helping to free up more potential rental units that should be available as homes for Vancouver residents,” Stewart says in the release.

The tax does not apply to principal residences, properties rented for at least six months of the year, or properties that are eligible for one of eight exemptions.

READ MORE: Richmond woman ‘sick’ of empty homes

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Love flourishes at Peace Arch Park, but COVID-19 concerns loom

South Surrey park becomes only place for international couples to meet

Human Rights Tribunal denies church’s request to toss out White Rock Pride Society’s complaint

Star of the Sea and White Rock Pride Society to go to Human Rights Tribunal hearing

UPDATE: Missing 12-year-old boy found, Surrey RCMP say

Landon Vangeel-Morgan was last seen 9:14 p.m., May 30 near 96 Avenue and 150 Street

COVID-19: Daily update on pandemic in Surrey, White Rock and beyond

Provincial Health Officer officially bans overnight kids’ camps this summer

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

VIDEO: Injured bald eagle rescued in B.C. First Nations community

Bird suspected injured in fight, whisked off to Coquitlam rehab

UPDATE: B.C.’s Central Kootenay issues evacuation orders for hundreds of residents due to flooding

An evacuation alert covers all areas except the Cities of Castelgar and Nelson

PHOTOS: Thousands gather at Vancouver Art Gallery to protest racism

Rally is in response to the deaths of black Americans and a Toronto woman

Number of students returning is a wild card as B.C. schools reopen Monday

A common model will see other teachers work four days a week in class then the fifth remotely,

Toronto Raptors’ Ujiri says conversations about racism can no longer be avoided

Thousands have protested Floyd’s death and repeated police killings of black men across the United States

‘I’m afraid’: Witnesses of wolf attack on senior near Prince Rupert worried about safety

Frank Russ shows where the unprovoked wolf attacked his father

Protesters rally against anti-black, Indigenous racism in Toronto

Police estimated the crowd to be between 3,500 and 4,000 and said there was no violence

Feds earmark $1.5M to support recovery of B.C., Indigenous tourism

B.C. money will be split between Vancouver Island and Indigenous tourism

‘We’re sick of it’: Anger over police killings shatters U.S.

Tens of thousands marched to protest the death of George Floyd

Most Read

l -->