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

Islander having heart attack denied ferry ride

Quadra Island man recovering after being airlifted to hospital in Victoria

World Juniors fast approaching as selection camp begins in Colwood

BC Hockey and provincial dignitaries launched the championship on Tuesday at The Q Centre

Travel tips for passing through Victoria’s main airport this holiday season

It may be small in size but Victoria International Airport was voted one of the top 10 busiest in Canada

Supportive housing in Nanaimo isn’t a victory for homeless people, say advocates

Alliance Against Displacement criticizes how shutdown of Discontent City was handled

T.W. Paterson column: Bill Barlee: Man with the golden touch

“…he built a life’s work that allowed him to walk the boardwalks of history and the halls of power.”

Man caught on camera allegedly trying to defraud ICBC

Auto-insurer warns B.C. drivers to record info after crashes

Another B.C. city votes to ban single-use plastic bags

First six months of proposed ban would focus on education, not enforcement

UK Prime Minister Theresa May wins party no-confidence vote, but troubles remain

May won the vote of 317 Conservative legislators with a 200-117 tally

B.C. trustee’s anti-LGBTQ comments got him barred from schools

Barry Neufeld calls vote to leave him off liaison list ‘workplace discrimination’

Firm says trees obstructing vision at Humboldt Broncos crash intersection

Sixteen people died and 13 others were injured in the collision at an intersection north of Tisdale

Man charged after B.C house fire triggers high-grade explosives

Thomas Daniel Kendall charged with causing bodily harm by failing to properly store explosives

Stop ‘renovictions,’ B.C. housing task force says

MLAs call for end to strata bans on renting vacant suites

Girl, 6, lured from elementary school, sexually assaulted: Vancouver police

Police are seeking dashcam footage from nearby Sexsmith Elementary School in South Vancouver

Coast Hotel issues lockout notice, emergency mediation coming

Lockout would affect Coast Hotels in Nanaimo, Victoria and Prince George

Most Read