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.

Just Posted

Police watchdog investigating after pedestrian struck and killed in Surrey

IIO investigating after male killed in crash shortly after being released from police custody

Surrey Mounties say 40 intoxicated teens found on ‘party bus’ in Newton

Police received tip teens and young adults were drinking on party buses and limousines in Strawberry Hill

PHOTOS: Players putt their way to Las Vegas at Surrey MSOP tournament

Two-day regional qualifier held at Eaglequest Coyote Creek

B.C. cabinet minister denies that Surrey mayor’s friend attended government meeting

Surrey councillor questions Vancouver businessman Bob Cheema’s involvement in official meeting

Electric car-share company to bring 2,000 vehicles to Surrey/White Rock

SUMO is to launch next year with 150 vehicles, and increase to 2,000 by 2022

VIDEO: Drone footage documents work to free salmon at Big Bar landslide

Video shows crews working to remove rocks and wood, and transporting salmon by helicopter

Defense says burden of proof not met in double murder case against Victoria father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

B.C. dog breeder banned again after 46 dogs seized

The SPCA seized the animals from Terry Baker, 66, in February 2018

Three dogs found shot dead in Prince George ditch

The three adult dogs appeared to be well cared for before being found with gunshot wounds, BC SPCA says

Vancouver police could be using drones to fight crime by end of year

The police department has already purchased three drones, as well as three others for training

Grand opening of Molson Coors Fraser Valley Brewery at Chilliwack cause for celebration

Ribbon-cutting with dignitaries, Molson brass and family marked the official grand opening

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

B.C. Ferries wants input on concepts for a Horseshoe Bay terminal re-design

Ferry corporation accepting public feedback until Oct. 13

Bear killed in Kimberley after chasing girl, wreaking havoc on town

This particular brown-coloured bear has been the subject of many calls this summer; very food habituated, CO says

Most Read