It's encouraging to see Minister Morneau move to close a capital gains tax loophole that enabled unregulated, speculative global capital to impact Vancouver’s real estate crisis. Vancouver’s recent home price increases are not sustainable, they put our economy at risk, and shut many local residents out of home ownership.
Today City Council took next steps on a proposed new Empty Homes Tax to help relieve pressure on the rental housing market. City staff will now move forward with public consultation to provide homeowners with the opportunity to comment on the proposed tax.
Vancouver is on track to implement a tax on empty and underutilized homes before the end of the year, Council will hear next week. The proposed tax targets Vancouver’s known 10,800 empty homes, incentivizing owners to rent out their secondary and investment properties as the city’s rental vacancy rate continues to hover near-zero.