In 2017, Vancouver became the first city in Canada to implement an empty homes tax, aiming to address the housing crisis by encouraging owners of vacant properties to rent or sell. The tax rate was initially set at 1% and increased to 3% in 2021. Proceeds from the tax have been allocated to various affordable housing initiatives, with a 2024 city report stating that $170 million raised by the tax has already been allocated to these initiatives.
📉 Impact on Vacant Homes
Since the implementation of the empty homes tax, the number of vacant homes in Vancouver has decreased significantly. The 2023 vacancy reference year declared vacant rate was 0.54%, the lowest since the inception of the tax. This indicates a continued downward trend in vacant homes, aligning with the goals of the empty homes tax program. City of Vancouver
💰 Revenue Allocation
Since the inception of the empty homes tax, $169.8 million has been allocated to support a variety of affordable housing initiatives. These funds are used to support the delivery of new social, supportive, and non-profit co-op housing through the City's Community Housing Incentive Program (CHIP) and acquisition of new land for housing.
🏛️ Proposed Changes by Councillor Sean Orr
COPE Councillor Sean Orr plans to introduce a motion at the next city council meeting aiming to increase the rate of the empty homes tax and end the exemption for unsold new units. Orr argues that these changes reduce the incentive for owners to sell or rent out empty homes and decrease the funds available for affordable housing.
If you're interested in learning more about the empty homes tax and its impact on Vancouver's housing market, feel free to contact me.
✨ Tara Kennedy
💼 REALTOR, ABR, SRS, RENE
📞 Phone: 236-992-8989
📧 Email: TaraKennedySells@gmail.com
🌐 Website: TaraKennedy.ca
Let's work together to ensure that Vancouver remains a city where everyone has a place to call home.
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