Vancouver To Enact Empty Home Tax

Late last week, the City of Vancouver announced details of its plans to tax vacant residential properties, which plans are part of its efforts to address the low rental vacancy rate and high cost of renting in the City.

At the end of July, the British Columbia government announced that it would be amending the Vancouver Charter¹ to pave the way for the City of Vancouver to impose a "vacancy tax" on owners of unoccupied homes in the City of Vancouver.  The amendments leave it up to the City to define the circumstances in which a residential property is considered to be unoccupied, set the rate or amount of the tax, set out the procedure for determining if a property is unoccupied, and establish other requirements, penalties and exemptions.