A proposition to tax homeowners for leaving their homes vacant will soon be voted on by city council, as Vancouver struggles with sky-high real estate prices – and a near-zero vacancy rate.
The new tax on empty homes has now officially been introduced at city hall, and councillors are considering the measure as a way to ease the housing crisis.
Mayor Gregor Robertson has been pushing for the tax, which would see homeowners fined between $250 to $10,000, with up to $10,000 per day for repeat offenders.
The tax would be one per cent of the assessed value of the property if it's left empty for at least six months of the year.
The city says an estimated 10,800 homes are currently unoccupied and a financial model done by city staff suggests the tax could result in 1,500 to 4,200 empty units being converted to occupancy.
It's estimated it will cost $4.7-million over three years to implement the tax.
City council is considering some exemptions, including if the homeowners are snowbirds, university staff on sabbatical, or residents undergoing medical treatment or leaving their home to take care of an ill family member.
Councillors plan to vote on the tax Wednesday morning. If it’s approved, it could come into effect as early as January.
With a report from CTV Vancouver’s Nafeesa Karim
