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

Just Posted

Nanaimo byelection candidates get their first chance to debate

NDP, B.C. Liberals, Greens participated in Forum for Millennial Leadership debate Monday

Sinking sailboat kept afloat near Nanaimo

Ferry and marine search and rescue vessels assist near Five Finger Island

Nanaimo RCMP seek suspect after armed robbery of gas station

Alleged incident occurred Sunday night at Uplands Drive and Turner Road

Nanaimo man dies in rollover crash in Brechin Hill area

Medical emergency suspected in incident Saturday on Poplar Street

Tonight’s Nanaimo byelection debate intended to inform ‘young professionals’

B.C. Liberals, NDP and Green candidates to participate in Forum for Millennial Leadership debate

UPDATE: B.C. legislature managers accused of excessive travel, personal expense claims

Clerk Craig James, security chief Gary Lenz call allegations ‘completely false’

B.C. man fined $10,000 after leaving moose to suffer before death

Surrey man was convicted last week on three Wildlife Act charges

‘Blue Monday’ isn’t real, but depression can be

CMHA encourages people to prioritize their mental health

Parole granted for drunk driver who killed B.C. RCMP officer

Kenneth Jacob Fenton will be able to attend alcohol abuse treatment, nearly three years after crash that killed Const. Sarah Beckett

Anti-pipeline group wants NEB to consider impact of emissions, climate change

Stand.earth filed NEB motion asking to apply same standard to the project as it did with Energy East pipeline

B.C. man charged in 2014 snake venom death of toddler

Henry Thomas was taking care of the North Vancouver girl the day before she died

B.C.’s largest public-sector union wants inquiry into money laundering, drugs

Union officials say Premier John Horgan and Attorney General David Eby have not ruled out the possibility of a public inquiry

Teen in confrontation with Native American: I didn’t provoke

Nick Sandmann of Covington Catholic High School said he was trying to defuse the situation

MARS seeing influx of sick, injured eagles from north part of Vancouver Island

Factors for increase in eagle cases can be anything from lead poisoning to vehicle strikes

Most Read