Vancouver to rake in $30 million in empty homes tax in first year
VANCOUVER — The city of Vancouver’s new empty homes tax is expected to bring in $30 million in revenue in its first year.
Vancouver Mayor Gregor Robertson said $17 million has already been collected from owners of almost 8,500 properties that were determined to be vacant or under utilized for at least six months of the year.
“For those who didn’t rent their empty property and chose to pay the empty homes tax, I just want to say thank you for contributing to Vancouver’s affordable housing funding and making sure we can invest more in affordable housing,” Robertson said at a news conference Monday. “For those who did rent their empty homes, thank you very much for adding to the rental housing supply here in Vancouver. It’s desperately needed.”
The tax is the first of its kind in Canada, requiring homeowners who do not live in or rent out their properties to pay a one per cent levy based on the assessed value of the home.