Empty Homes Tax
Empty homes tax has been a topic of discussion for many property owners in Vancouver.
For a number of years, Vancouver has been experiencing low rental vacancy rates. As such, individuals who are trying to rent a residential property in the city have felt the pressure over the last number of years. As a way to relieve the low vacancy rates, the City of Vancouver introduced the Empty Homes Tax.
How does the Empty Homes Tax work?
All residential property owners in Vancouver will receive a Property Status Declaration Notice in December each year. The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017. Based on the declaration, residential property that is considered empty for more than 180 days per year will be subject to a tax of 1% of the property’s assessed value.
What can you do if the Empty Homes Tax applies to you?
- Become a landlord by renting your property
- Enlist RE/MAX Professional Rental Management to rent your property
- Invite a friend or family member to occupy your property as their principle residence
- Occupy the property as your principle residence
- Keep your property and pay the Empty Homes Tax
For more information on the Empty Homes Tax, visit: