Vancouver’s Vacant Home Owners Will Pay 1% of Assessed Value in Annual Tax

(November 14, 2016 )

Details of Empty Homes Tax revealed by Mayor Gregor Robertson, including a list of large groups of people who will be exempt.

Following a public consultation, the City of Vancouver outlined the details of its much-anticipated vacant home tax November 9, including the amount payable and who will be exempt.
Owners of empty homes who are liable for the tax will have to pay one per cent of their property’s assessed value, annually – meaning that a $1 million home left empty will cost the owner $10,000 a year in tax. "We have the lowest vacancy rate and the highest rents of any city in Canada right now," Robertson told reporters at a news conference. "People are feeling squeezed on all sides, so it's time to take action."