Urban
Development
Institute

pacific region

Vacancy Tax – UDI questions for City of Vancouver

May 11, 2017

Vancouver staff will be addressing a list of questions (below) submitted by UDI regarding the vacancy tax. UDI is in discussions with City staff and will provide answers as soon as they are available.

 

  1. In what circumstances would the tax apply (or not apply) to class 1 residential vacant land?  Does the parcel need to be 100% class 1 residential for the tax to apply?  How does the tax apply to phased development and/or master planned communities?
  2. Will the tax be applied to unsold product?  If so, how will the tax be applied and how will the date of occupancy impact the tax?
  3. What is meant by having “all permits in place” in order to qualify for an exemption?  For example, if a site has been rezoned will the tax be exempt?
  4. How does the tax impact land assembly?  For example, if a developer assembles homes and some of the homes are not in a condition to rent (or needs upgrades) would there be an exemption from the tax?  Who would make this decision and what would the criteria be for the tax to apply? How quickly could a developer receive a decision from the City on this matter?
  5. How does the tax relate to the tenant relocation policy? Is there a conflict between these policies? How does this differ for rental vs ownership projects and for different property types?
  6. How does the tax impact CACs negotiations?  Can the tax, if applied, be used to offset CACs?

 

UPDATED 6/5/207: City of Vancouver FAQ Document Here

Featured Events

UDI Seminar: Open for Business - Coquitlam

November 28 @ 7:30 am

Coquitlam is one of the fastest growing communities in the Lower Mainland and is surrounded by a rich natural landscape....

Read More

UDI U40 Leadership Breakfast with Cynthia Melosky

November 30 @ 7:30 am

We are excited to announce our November Leadership Breakfast will be hosted by Cynthia Melosky, Vice President Development at Polygon.

Read More

UDI Vancouver - December Reception 2017 (Members Only)

December 13 @ 5:00 pm

It's UDI's annual Winter Reception, a festive event for UDI Members, public officials and special invited guests. There are no formalities to this...

Read More
View All

© Copyright 2017 URBAN DEVELOPMENT INSTITUTE