Vancouver’s tax on empty homes will bring in $30-million of revenue in its first year, but that will come from only a tiny proportion of homeowners.
More than 5,000 properties out of 8,500 deemed vacant by city staff received exemptions under rules of the new tax bylaw, which is a first for Canada and is being watched closely around the world.
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Nearly 1,000 homeowners among the 8,500 whose properties were designated vacant are disputing the classification.
But Vancouver Mayor Gregor Robertson is pleased with the results anyway.