Vancouver, suffering from a near-zero supply of homes available for rent, plans to slap investors sitting on vacant properties with a new tax in an effort to make housing more accessible in Canada's most-expensive property market.
The levy, which would start in January, may be as high as 2 percent of the property's assessed value, Kathleen Llewellyn-Thomas, the city's general manager of community services, told reporters Wednesday. That would mean a minimum C$20,000 ($15,000) annual payment for the typical C$1 million-plus detached home in Vancouver based on July 2015 assessment data, the most recent available.
"Vancouver is in a rental housing crisis," said Mayor Gregor Robertson, whose announcement follows a separate measure by the province in July to impose a 15 percent tax on foreign buyers. "Dangerously low vacancy rates across the city are near zero."
Vancouver is penalizing property owners for not renting empty buildings.
(Score: 2) by dry on Saturday September 17 2016, @01:59AM
I live on 10 acres of forested land. Kids still come out here to do burnouts though sirens are very rare. Only have dial-up and if I had to work in Vancouver, it had better be during regular hours as the train the parent mentions makes 4 trips in during the morning and 4 trips back evenings, so 1/2 hour drive to train, worry about leaving vehicle all day and 2 hour trip to Vancouver.. Instead I work locally, 20 minute drive usually. No way could I handle the stress of a long commute.