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Vancouver’s mayor considering increasing empty homes tax

VANCOUVER (NEWS 1130) – Vancouver’s mayor is suggesting the one per cent empty homes tax might need to go up as the push continues to boost rental stock in a low vacancy city.

Last year was the first time the tax was collected and the city’s director of financial services says Mayor Kennedy Stewart has asked staff to report back on a possible hike.

“Right now, we are looking at the pro’s and con’s and evaluating the potential impact of an increase in the taxes,” says Financial Services Director Melanie Kerr.

RELATED: Vancouver to review impact of empty homes tax

She says the number of vacant properties decreased by 15 per cent from 2017 to last year.

Just over 900 properties were declared vacant in 2018, compared with the nearly 1,100 that were listed as vacant in 2017 — and more than half of the newly occupied properties are listed as rentals with tenants.

Kerr says steps are also being taken to check up on dozens of owners who claim their homes are no longer vacant.

“We’re able to see in our declaration data the change in property statuses, so if a home was declared vacant in 2017 and they’re now declared ‘tenanted’, we’re able to track that over time,” she adds.

RELATED: First year of empty homes tax to generate $38M for Vancouver

This year, 97 per cent of owners made their property status declaration by this month’s deadline.

Stewart calls the year-over-year numbers very encouraging and says the city is mulling a hike in the fine for undeclared properties — now set at one per cent of the assessed value of a home — in order to make the tax “even more effective.”

The initial penalty for failing to declare this year is $250.

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