Vancouver’s municipal council on Wednesday approved amendments to its Vacancy Tax By-law No 11674, which governs the city’s one percent tax on certain residential properties.
The objective of the Empty Homes Tax (Vacancy Tax) bylaw, which became effective on January 1, 2017, is to return empty or under-used properties to use as long-term rental homes for people who live and work in Vancouver
A news report sourced from Lexology.com stated that the amendments mainly served to narrow the exemptions available to homeowners after months of auditing.
According to the report, the basis for most of the amendments was summarized in a report submitted to the city’s finance committee last month.
The amendments came just a few days before mayor-elect, Kennedy Stewart, is set to resume in office.
Stewart recently affirmed his campaign commitment to push to increase the tax rate to three percent.
