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Vancouver’s empty-homes tax to rake in $30-million in first year; many properties exempted

By Frances Bula for The Globe and Mail

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.

So only 1,200 properties are being assessed the tax in the first year, some paying as much as $250,000 for the 2018 tax period. Another 1,100 or more may be added from Vancouver residents that failed to make any declaration about their properties.

But Vancouver Mayor Gregor Robertson is pleased with the results anyway.

Continue reading the full story here >>
 

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