On November 16, 2016 the City of Vancouver council voted and approved a new Empty Homes Tax where homeowners whose property is deemed “empty” (not a principle residence; not rented out on a long term basis) will be taxed 1% of the property’s assessed value. The purpose of this new tax has the intention to make more properties available to be rented, as the city’s rental vacancy rate sits at a low 0.6%. For details and more information to help you understand if your property will be taxed, what exemptions there are, and how this new tax will be enforced, visit the City of Vancouver’s website through this link: Details
If you would like to discuss how this will impact you and the current properties you hold, or if you are wondering if this will affect your next purchase, please feel free to give me a call (604)506-6883, or send me a text or e-mail (elaine@elaine-cheng.com).