“The BC government convening the legislature this summer to make the legislative change that will enable the City of Vancouver to move forward on taxing empty homes is a good step. Taxing homes empty for 12 months or more will encourage the best use of all our housing, and help boost our rental supply at a time when there’s almost no vacancy and a real crunch on affordability.
Housing is first and foremost for homes, and we need a level playing field for people looking for housing in Vancouver at a time when housing prices are skyrocketing like never before. We’ve been working at City Hall to do everything we can within our ability to boost housing supply and use creative tools that will bring relief for our residents looking for affordable housing. Taxing homes left empty for 12 months or more is a meaningful first step in bringing more rental supply into our housing market at a time when unregulated, speculative global capital is flowing into Vancouver, but we also need other new tools – like luxury and speculation taxes – to make a meaningful impact on bringing home ownership within reach to our residents.”