Newspaper article The Canadian Press

Vancouver Expects $30 Million in First Year of Empty Homes Tax

Newspaper article The Canadian Press

Vancouver Expects $30 Million in First Year of Empty Homes Tax

Article excerpt

Vancouver expects to make $30M on empty homes tax

--

VANCOUVER - The City of Vancouver says it has collected $18 million from the first year of its empty homes tax and another $12 million could still flow into its coffers.

The city says in a news release that it expects to generate a total of $30 million from the first year of the tax which is applied to vacant residential properties in a bid to ease Vancouver's near-zero vacancy rate.

The city says $8 million raised by the tax in 2017 has already been earmarked by council for specific affordable housing initiatives.

More details of the first year of the empty homes tax are due to be released Dec. 1 in the city's first annual report on the levy.

Owners of residential properties are also being advised they must submit a property status declaration by Feb. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.