Vancouver Market Update | Empty Homes Tax

Posted by Brad Gannon on Thursday, February 8th, 2018 at 12:31pm.

Declaration Due By February 2, 2018 March 5, 2018 

Only 1 in 10 homeowners in the City of Vancouver submitted their declaration form so the city has decided to extend the deadline for one month. If you live in the City of Vancouver, have you submitted your Empty Homes Declaration Form yet? We've provided the link below for quick reference on how to submit the form. Even if your home is occupied or is your primary residence, you are still required to submit the declaration. Otherwise, the city will assume that your home is empty. Submit before the new deadline! 

Why and How? 

According to the Canada Mortgage and Housing Corporation, the vacancy rate in Vancouver remains below 1% (0.9%) as of a report that was released on November 28, 2017. With such low vacancy rates in the city, the City of Vancouver has implemented the Empty Homes Tax as a way to encourage homeowners to either rent out their homes (homes that are occupied/rented for more than 6 months of the year are not subject to the tax), or pay the tax for owning an under-utilized home. The tax is calculated at 1% of the assessed value of the home and is reviewed each year. According to the City of Vancouver, "net revenues of the Empty Homes Tax will be reinvested into affordable housing initiatives". If determined that you owe Empty Homes Tax on your home for 2017, the deadline to pay the tax is April 16, 2018

For more information on the tax, instructions and frequently asked questions, please visit the City of Vancouver website, here.

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