Residences that are left empty for 6 months or more will be subject to the tax, if they are not the owner’s principal home. There are some exclusions including homes that are undergoing renovations.
The scheme, approved Wednesday by 8 councillors with 3 against, will require owners to self-declare and those who fail to comply will face sizeable penalties.
It is expected that the revenue generated by the scheme will pay for the cost of its operation.
More market update:
Empty homes in Vancouver will cost owners 1 per cent of the property’s value from 2017 following approval of the tax by city councillors.