The objective of the “Empty Home Tax”, is to return empty or under-used properties to use as long term rental homes for people who live and work in Vancouver. For many years, Vancouver had been experiencing low rental vacancy rates. To relieve the low vacancy rates, Vancouver introduced the Empty Homes Tax January 1, 2017.
Each year, one owner of residential property in Vancouver is required to submit a property status declaration to determine if their property is subject to the tax.
Properties deemed empty will be subject to a tax of 1% of the property’s 2018 assessed taxable value.
Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented for at least six months of the year; however, all homeowners are required to submit a declaration.
Net revenues from the Empty Homes Tax will be reinvested into affordable housing initiatives.
For more information on the Empty Homes Tax, visit:City of Vancouver Enlist a Property Management Company Become a Landlord in British Columbia
The City’s Empty Homes Tax is separate from the provincial governments Speculation and Vacancy Tax