Vancouver Empty Homes Tax Impacts on Developers, Legal Industry and Real Estate Suppliers
As you know, the City of Vancouver is implementing an Empty Homes Tax (EHT) that will have significant impacts on developers, the legal industry and dependent real estate suppliers.
Our Key Concerns are that the TAX APPLIES to:
- vacant residential land, not just empty homes
- unsold, completed standing inventory
- standing properties awaiting demolition unless permits have been issued
UDI continues to work with the City to provide you with further clarifications and advocate for possible exemptions on the above tax consequences.
We will keep you posted.
For more information, the City has created a developer-specific Q&A document about the Empty Homes Tax. The document addresses the following questions:
What is the Vacancy Tax By-Law and the Empty Homes Tax (EHT)?
How and when will it be implemented?
What are the permissible exemptions?
How will the EHT impact developers?
Your questions and comments about the EHT can be submitted to the City of Vancouver here.
The City will be holding a live Facebook Q&A on Thursday to answer questions about the tax.
The Vancouver Sun newspaper is hosting an online poll on the fairness of a Vacancy Tax.
Feel free to weigh in on this important issue.