Vancouver expects to collect $38 million from vacancy tax in first year

The city says there just over 186,000 residential properties declared and 2,538 of those were vacant

The City of Vancouver says it has collected $21 million in the first full year of its empty homes tax and another $17 million could still flow into its coffers.

The city says in a news release that it expects to generate about $38 million from the first year of the tax which is applied to vacant residential properties in a bid to ease Vancouver’s one per cent vacancy rate.

The city says there just over 186,000 residential properties declared and 2,538 of those were vacant.

It says the declaration period for the second year of the tax is open with a deadline of Feb. 4.

City staff will continue to monitor the impact of the tax on housing supply and affordability, and the release says revenue generated by the tax will be used for affordable housing initiatives in Vancouver.

The city says $8 million raised by the tax last year has already been earmarked for specific affordable housing initiatives.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

New video takes viewers soaring over Cultus Lake

Posted to YouTube, the vid showcases the natural beauty of the lake and its surroundings

Chilliwack Community Services ends Community Driver program

The volunteer-driven offering helped clients get to important medical appointments

CRIME STOPPERS: ‘Most wanted’ for the week of Sept. 27

Crime Stoppers’ weekly list based on information provided by police investigators

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

COVID-19 testing centre opens at Fraser Canyon Hospital

30 tests can be done at the collection centre each day, health authority reccommends booking ahead

105 new COVID-19 cases, 1 death as health officials urge B.C. to remember safety protocols

There are currently 1268 active cases, with 3,337 people under public health monitoring

U.S. Presidential Debate Takeaways: An acrid tone from the opening minute

Here are key takeaways from the first of three scheduled presidential debates before Election Day on Nov. 3

Another death as COVID-19 outbreak at Delta Hospital climbs to 18 cases

Total of 12 patients and six staff in one unit have tested positive for COVID-19: Fraser Health

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

16 MLAs retiring from B.C. politics add up to $20M in pensions: Taxpayers Federation

Taxpayers pay $4 for every dollar MLAs contribute to their pensions

‘Bonnie’ and ‘Henry’ among latest litter of service dog puppies

B.C. Alberta Guide Dogs names two pups after provincial health officer

Most Read