Panic as vacancy tax implemented in Vancouver

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It’s good news for renters

Last weekend Vancouver’s empty homes tax came into effect, causing some property owners to scramble to rent, sell or find a way around the fees, according to one property manager.
Under the new rules, homes that are not occupied for at least six months of the year are subject to a tax of one per cent of the property’s assessed value. The deadline to rent out empty dwellings was July 1.

Many are now thinking of either renting or selling their properties.

Others property owners are trying to find a family member or friend who can occupy it over the six month threshold.

The tax, approved last November, was created in an attempt to ease pressure on the rental housing market.

Vancouver housing ranked 3rd most unaffordable by international study. There is a definite spike in the number of properties that have come into the rental market, however the price has not fallen. – CINEWS

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