Under proposal the owner of a $5 million home who chooses to keep it empty will have to pay $250,000 a year in tax, compared to the current $150,000
The tax was conceived by the Coalition of Progressive Electors in 2014 and introduced in 2017 by Vision Vancouver at the rate of one per cent. This required provincial government approval to amend the Vancouver Charter to allow the tax to be created.
Most vacant properties are condos in the West End and downtown core. The neighbourhood with the fewest empty homes is Sunset.With another municipal election six months away, Stewart is again using the tax as part of his campaign strategy. On April 26 he will introduce a motion to council seeking an increase of the tax to five per cent. Stewart’s main opponents in the October election are Ken Sim and current city councillor Colleen Hardwick .
His goal would be to increase audits — that are investigations to see whether the home is empty more than six months a year — by 50 per cent.The provincial government also charges a vacancy tax.On Wednesday night, Stewart did not show up for a crucial vote on a motion put forward by COPE councillor Jean Swanson to investigate the creation of a progressive property tax system that would see the owners of more valuable homes pay proportionally more than owners of lesser value homes.
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