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Money Vancouver empty homes tax nets another $39M as number of vacant properties drop, city says

17:51  21 november  2019
17:51  21 november  2019 Source:   globalnews.ca

'We're behind on all our targets': Despite best efforts, Vancouver moves slowly on affordability measures

  'We're behind on all our targets': Despite best efforts, Vancouver moves slowly on affordability measures A pair of news releases issued by the City of Vancouver Thursday morning outlined how difficult a task it has in providing more affordable housing.One day after the City of Vancouver expropriated two SROs in the Downtown Eastside for $1 each, a pair of news releases outlined how broad the city's attempts at providing more affordable housing truly are — and how difficult it is to achieve.

The City of Vancouver 's Empty Homes Tax declarations found about 8.500 unoccupied or underutilized homes . That's about 1/3 of the number It said 6,349 were declared vacant — some with exemptions. And 2,132 were homes for which the owner did not fill out the paperwork, and thus

Submit your Empty Homes Tax ( Vacancy Tax ) property status declaration for 2019 by Feb 4, 2020. Failure to declare by the deadline will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value and a 0 penalty.

a house that has a sign on the side of a building: A sold home is pictured in Vancouver on Thursday, Feb. 11, 2016. © THE CANADIAN PRESS/Jonathan Hayward A sold home is pictured in Vancouver on Thursday, Feb. 11, 2016.

Vancouver's empty homes tax continues to be a revenue generator for the city despite drawing from a shrinking number of vacant homes, the latest report from the city finds.

Released Wednesday, the report reveals that $39.4 million in revenue was raised during the 2018 tax year, which was collected from the owners of 1,989 vacant properties.

That's a 22 per cent drop from the number of vacant properties taxed in 2017, when 2,538 homes generated $38 million in revenue.

The revenue collected by the empty homes tax goes towards affordable housing projects and programs in Vancouver, including the creation of new housing and enhanced protections for renters.

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VANCOUVER —The number of vacant properties in Vancouver has fallen by 15 per cent in one year, and the city says just over half of the newly occupied homes have been returned to the rental market. Initial statistics show 922 properties were listed as vacant in 2018, compared with 1,085 in 2017, the

Vancouver ’s empty homes tax took effect in 2017 as a way to fight back against rampant speculation and foreign More than 2,500 homes within the city were found to be vacant during the first year of the tax . The city earned million from the tax during 2017. Another 331 property owners were

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“The main objective of Vancouver’s Empty Homes Tax is to influence property owners to put their empty properties on the rental market and the data shows that is happening,” Mayor Kennedy Stewart said in a statement Wednesday.

“For those who choose to keep their properties unoccupied, we appreciate their contributions to the funds that are supporting various, much-needed affordable housing initiatives across the city.”

READ MORE: Vancouver collects $21M from empty homes tax, expects $38M total for first year

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Empty Homes Tax . Each year, every owner of residential property in Vancouver is required to The City 's Empty Homes Tax is separate from the provincial government’s Speculation and Vacancy Tax . Net revenues from the Empty Homes Tax will be reinvested into affordable housing initiatives.

City spokesman Jag Sandhu said specific numbers of exempt or vacant declarations will not be confirmed until audits have been conducted and owners The plan means that some owners of empty Vancouver homes could end up paying both a city and a provincial tax . A 2016 city -commissioned

Another 892 property owners were charged the tax after non-compliance audits were performed on an additional 8,457 properties between Nov. 2, 2018, and Nov. 1, 2019. Those audits raised an additional $22.1 million.

That's way up from the same period a year ago, when $6.2 million was raised from 331 property owners charged after audits on 6,231 homes.

In addition to the drop in vacant properties, the city found the number of properties tenanted went up by seven per cent from 2017 to 2018, from 46,770 to 50,102.

Properties declared as principal residences also shot up one per cent, from 131,347 to 132,815.

READ MORE: New York nearly got a version of Vancouver’s empty homes tax — before the real estate industry killed it

Vancouver’s empty homes tax took effect in 2017 as a way to fight back against rampant speculation and foreign ownership that left many homes in the city empty during the recent housing crisis.

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The Empty Homes Tax will not apply if the registered owner’s principal residence was outside of Greater Vancouver , but they occupied the A property will not be subject to the Empty Homes Tax if the lands are vacant , a heritage property , or part of a phased development, and you have submitted

City approves 1% tax on homes that are not principal residences and are empty for more than six months a year, which data suggests could number 20,000. The tax will rely on homeowners to declare their vacant properties , with random audits by the city to ensure compliance.

The policy requires homeowners to prove their homes are occupied for at least six months out of the year by either themselves or renters. Otherwise, they’re charged an additional one per cent tax on the property’s assessed value.

The city says $17 million from the 2018 revenue will go towards the Community Housing Incentive Program, which council approved to give grants to housing developers who provide social or co-op housing.

The city will also purchase the Ross House, a 24-unit single-room occupancy (SRO) building in the Downtown Eastside, for $3.8 million, while also contributing $1.7 million to revitalize other SRO housing projects.

READ MORE: City of Vancouver facing multiple lawsuits over empty homes tax

A combined $5.83 million will be put towards supports for renters, including the city's renters advocacy and services team.

“From securing safe, warm homes in the Downtown Eastside, to increasing support for renters and providing grants to non-profit housing providers, lives are being changed by the revenue generated from the Empty Homes Tax,” said the city's general manager of arts, culture and community services, Sandra Singh.

Vancouver’s empty homes tax should stay at 1% to ensure it’s still being paid: staff

  Vancouver’s empty homes tax should stay at 1% to ensure it’s still being paid: staff The staff report does recommend further exempting homes under renovation for a majority of the year while extending the complaint process to 90 days.While the report, which will be presented to city council on Tuesday, said further exemptions for second homes should not go ahead, staff do recommend further exemptions to homes under renovation.

VANCOUVER — The number of vacant properties in Vancouver has fallen by 15 per cent in one year and the city says just over half of those previously empty homes have been returned to the rental market. The statistics are from initial returns of Vancouver ’s 2018 empty homes tax .

The number of Vancouver homes declared vacant has dropped 15 per cent since the implementation of the Empty Homes Tax , according There are a number of exemptions, including for people who live in the city part-time for work, and other homeowners can avoid the tax if they rent

The empty homes tax has not come without controversy. Multiple lawsuits have been filed by homeowners and developers after they were charged the tax and denied appeals by the city.

The city says council will debate proposed amendments to the empty homes tax at its next meeting on Nov. 26, including extending the deadline for homeowners to submit a challenge to the tax to 90 days

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