Despite a newly created exemption, unsold Vancouver condos held vacant for several years could still be subject to tax.
reverse Robin Hood taxNow, staff have prepared the proposed amendments to the empty homes tax, which will come to council on Tuesday. But the exemption, as crafted by city staff, may not provide all of the relief developers had hoped for.shows that the new proposed exemption would only apply to vacant condos that were new in 2022. Condos would be exempt from the tax only if 2022 marked the first time the property could have been subject to the empty homes tax.
The amendments proposed by city staff include a number of exemptions, but the one for unsold condos was a particularly hot topic. Some experts have argued that taxing unsold condos creates more uncertainty for developers weighing whether to build in Vancouver, and therefore would create longer-term problems for housing supply. Others said the city’s tax policy should encourage developers to sell empty homes, even if it means dropping prices.
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