Hafez Realty News

Vancouver's empty homes tax generates $30M in revenue in first year

Vancouver’s empty homes tax will collect an estimated $30 million in its inaugural year.

 

Mayor Gregor Robertson shared preliminary results for the city’s empty homes tax on Monday morning in a news briefing outside Vancouver City Hall.

 

The revenue collected this year will cover the implementation of the new tax, with net proceeds reinvested into affordable housing, the mayor said.

 

The median amount of tax paid was $9,900, though taxed amounts varied from $1,500 up to more than $250,000.

Of the $30 million taxed, about $17 million has already been collected.

 

The city had previously extended its deadline for homeowners to declare the status of their properties prior to launching an audit program.

 

Early results in March showed that more than 2,000 residential properties went undeclared, had been deemed unoccupied and were slated to be taxed under Vancouver’s empty homes tax, which is 1 per cent of the home’s assessed taxable value.

 

Provided By: Stephanie IP for The Province

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