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Vancouver's empty homes tax to be self-declared, up to 2 per cent of value

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Real Estate Professional | 14 Sep 2016, 02:52 PM Agree 0
Vancouver is proposing to tax homeowners by as much as two per cent of assessed value for units that they declare as vacant
  • Ed | 14 Sep 2016, 03:01 PM Agree 0
    Really.............a two percent tax for self declared properties............who is going to declare that their property is vacant? And the two million raised is just going to cover the cost to administer it.............what a bollocks mess. Purely a political stunt.
  • annie | 14 Sep 2016, 03:02 PM Agree 0
    I think the vacancy rate is affected by tight control on rental by the government that oppresses the landlords that no investors want to lose money into the rental business anymore. It has nothing to do with the speculation investors.
  • Shirley | 14 Sep 2016, 03:32 PM Agree 0
    I agree with Annie. Although not in Vancouver, our rural community has the same O% rental challenges. Largely due to potential landlords not wanting to have the stress of tenancy and the lack of rights of the landlord which has caused many owners $1000s in trying to get rid of renters that are thrashing ones property, not paying rent etc. Perhaps the Tenancy Act needs to be revisited. The 2% tax will not have any effect. Where is democracy headed when people cannot make their own decisions without penalty of whether they want to rent. The problem is the need for affordable housing. The municipalities and provincial government need to start taking responsibility for initiating construction of such.
  • Lee | 14 Sep 2016, 05:28 PM Agree 0
    Shirley & Annie have nailed it right on the button. It would be interesting to see what percentage of homes are rented by landlords versus primary dwellings lived in by the owner. I would bet that the trend is moving toward rentals versus owning property which is affected by many variables including values, lifestyle, etc. Changes definitely need to be made to the Tenancy Act. I feel it would be unconstitutional to force landlords to rent out their assets.
  • Clair | 14 Sep 2016, 06:42 PM Agree 0
    Welcome to B.C. (Bring Cash). I understand the plight for affordable housing and so the government should look at creating a solution for this, however, continuing greed will not address this issue. The municipalities and the governments need to allow people to live in affordable homes, since woman have gone to the workforce everything has doubled because it can. We use to have fees for service built into product and service fees, then they added user pay philosophy and by the way did not remove the fees for service (in that one move only) you lost 50% of your net income before taxes. And we wonder why we are struggling. Think about it, And in order to pay the high mortgages and feed our families we rent Air B and B or rent by the year. I agree landlords are tired of the taxes and the income that creates the taxes, so if they can afford it they pay extra home insurance and leave it empty. Since when did a government in CANADA decide they had the power to tax a human right in our constitution. When they start paying their mortgages and upkeep etc. then maybe.... we are not in Africa.
  • | 15 Sep 2016, 10:29 AM Agree 0
    Please leave Africa out of this. They have enough issues of their own. Let's STOP comparing things to Africa. There are much worse countries.
  • | 15 Sep 2016, 12:16 PM Agree 0
    Do not agree with the vacancy tax. It is not a policy under democracy world. So, next the Government will tell me I would have a 2% penalty if I have a million dollar cash in the bank and not to put it in RRSP or any investment form account?? it is free world, people or owners can handle their investment as they wish, as long as they are paying the condo fees, paying the property taxes, government has no right to interfere how property owners handle their investment. it is their right to leave it vacant, like Annie said above, it is time to revisit the tenancy act. People would rather to pay that 2percent penalty if they think renting it out would cost them more than that. just like the 15% foreign buyers tax will not affect the local real estate market, but to generate city's revenue.
  • tax me again | 15 Sep 2016, 07:25 PM Agree 0
    I toyed with the idea of buying and living in Vancouver, coming from Ontario. These new racist rules and taxes I've been hearing about, I think I will not move to BC. It is beyond my comprehension how the province can be so narrow minded.
  • judy | 18 Sep 2016, 07:56 PM Agree 0
    How can any democratic government penalize a property owner for making the choice of not renting out their property? My husband and I have been landlords for most of our adult lives (almost 40 yrs.) in BC and have watched the quality of tenants and our rights diminish to the point of almost being non-existent. The value of our rental property has not even kept up with single family homes. Even though we screen as thoroughly as possible, maintain it (we have to do the work ourselves because some tenants don't pay rents(they think we should take care of them like their mommy and daddy) or damage the units so badly we cannot afford to hire someone on the measly damage deposits) no one else wants to deal with dead-beats! Do the politicians think it is a coincidence that most condo blocks want few or no tenants?
    Now the governments wants us to subsidize new buildings to compete with us and let them wreck these too. Our town offers free taxes for 5 years to the builders who put up a new building while existing landlords are taxed beyond the pale. Believe me, landlords are not getting rich in BC, and it is preferable to have a place vacant a while to making a mistake. A better solution to the problem would be to make tenants tow the line and act responsibly!
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