It’s about to get more expensive for those who own empty homes in Vancouver. The city voted on Wednesday to raise the one per cent Empty Homes tax of a property’s assessed value by 25 per cent.
According to the city, the Empty Homes Tax began in 2016. It’s purpose is to return empty properties and use them as long-term rental homes for people who live in Vancouver.
The tax is separate from the provincial government’s Speculation and Vacancy Tax that only started last year.
According to the city’s annual report, there were 1,989 properties declared vacant last year comparing to 2,538 in 2017.