Vacant properties in CityofVancouver have decreased by 36 per cent since the Empty Homes Tax was introduced in 2017.
VANCOUVER — Vacant properties in the City of Vancouver have decreased by 36 per cent since the Empty Homes Tax was introduced in 2017, according to a news release.
Of the 1,755 residential properties deemed vacant under the EHT program in 2020, 49 per cent have been converted to occupied status. “Since launching, $115.3 million in revenue generated by the EHT has been allocated to support affordable housing initiatives in Vancouver such as the Community Housing Incentive Program,” the city writes in its release.
Declarations for the EHT are now open and every residential property owner is required to participate. Properties declared vacant are subject to a three per cent tax on 2022 property assessment values.
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