Vancouver increases Empty Homes Tax and doubles audits
At a glance (1 minute read)
- The Empty Homes Tax will increase to five per cent effective for the 2023 vacancy tax reference year.
- Audits will double in number.
On April 26 and 27, Vancouver council passed a motion by Mayor Kennedy Stewart to increase the Empty Homes Tax (EHT) rate to five percent and increase compliance audits.
The EHT will increase to five per cent effective for the 2023 vacancy tax reference year.
In 2020 (most recent data), the city collected more than $32 million from the EHT which went to creating affordable housing.
City of Vancouver staff performed 892 compliance audits in 2019 and 722 in 2020, with 5.5 percent found to be non-compliant in 2019, the latest year with final numbers.
“By further strengthening the tax rate to five percent and doubling the number of audits, we will make it tougher for speculators and make sure housing in Vancouver works for all of us,” said Stewart who expects unanimous support from council.
The current EHT is three per cent.