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

New figures show City of Victoria spent $30,000 to remove Macdonald statue

Contentious decision sparked controversy, apology from mayor

High school graduation rates on the rise in Greater Victoria

High school completion up from 71 to 86.8 per cent over 10 years

Pacific Centre Family Services Association a winning design in Colwood

Victoria Real Estate Board winner a welcoming sight

Victoria curling foursome looks to defend provincial title

2019 BC Junior Curling Championships held in Vernon from Dec. 27, 2018 to Jan. 1, 2019

Top tourism executives in B.C. earn almost $1 million

Destination B.C. CEO Marsha Walden received total compensation of $296,487 in 2017-18

Unique technology gives children with special needs more independent play

UVic’s CanAssist refined seven prototypes aided by $1.5M government contribution

Greater Victoria holiday craft fair roundup for Nov. 16 to 18

Check off all of the items on your shopping list at these great events

Greater Victoria Crime Stoppers wanted list for the week of Nov. 14

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Children between 6 and 9 eligible for $1,200 RESP grant from province

BC Ministry of Education is reminding residents to apply before the deadline

Privacy concerns over credit card use for legal online pot purchases

Worries follow privacy breaches at some Canadian cannabis retailers

NEB approves operating pressure increase to repaired Enbridge pipeline

The pipeline burst outside of Prince George on Oct. 9, now operating at 85 per cent

B.C. VIEWS: Setting speed limits in a post-fact political environment

Media prefer ‘speed kills’ narrative, even when it fails to appear

Controversy erupts over Japanese flag in B.C. classroom

Online petition demanding removal has collected more than 5,700 signatures

Death toll rises to 76 in California fire with winds ahead

Nearly 1,300 people remain unaccounted for more than a week after the fire began

Most Read