RSS

Empty Homes Tax to Increase to 3% for 2021 Tax Year

On November 25, 2020 City Council directed City staff to increase the Empty Homes Tax (EHT) rate to 3%. The rate will remain at the original 1.25% for the 2020 tax reference year. Properties deemed empty are subject to the tax on their assessed taxable value. Keep reading to learn more about the EHT tax rate and what it means for homeowners and renters! 


MOTIVE BEHIND THE EHT 

The motive behind the EHT is to encourage homeowners of vacant properties to place empty homes on the market as long-term rentals. Council is standing up for renters by raising the tax rate in order to increase the housing supply of rental properties in the city. Many homes currently remain empty the additional increase in the EHT tax will hopefully motivate owners to finally put these homes on the rental market.  


HISTORY OF THE EHT 

The EHT launched in 2017 and since then has been raised twice. In 2019 the rate was raised for the first time from 1% to the current rate of 1.25%. From the initial 1% rate the EHT will have tripled by 2021 at the new announced 3% tax rate. Vancouver home owners are required to submit a declaration each year to determine if their property is subject to the EHT. Council has approved a one-time extension for late declarations for the 2017 and 2018 vacancy reference periods to December 31, 2020. 


EHT INITIATIVES 

Net revenues from the tax are being reinvested into affordable housing initiatives. Since 2017, $61.3 million of net revenues from the EHT contributions have been provided to Vancouver’s affordable housing initiatives. Revenue collected was first used to cover the one-time implementation costs of $7.5 million and estimated annual operating costs of $2.5 million. Since the tax was implemented in 2017 the number of vacant properties has decreased by 25%. 

Read
Categories:   1560 Homer | 2021 | 2021 trends | 21st annual greek day | 302-1560homer,the erickson | Arizona Investment Property | Arizona Property | Arizona Real Estate | askaleya | Assignment | Assignment of a condo | Assignment of Contract | attic | attic renovation | backyard trend | bathroom | bathroomideas | bathroomtrends | Beasley condo building | Beasley condos for sale | Beasley Yaletown | Beasly | Beyond Borders Investments | Biohacking | BMW. X1 | brunch yaletown | brunch,youryaletownlife | Canadians Investing In Mexico | cleaneating | cleanfoods | Coal Harbour | colour | concrete | Condo Assignment | containerhomes | Convenience | Coopers Park | Covenant House Sleep Out | covid-19 | David Lam | David Lam Park | David Lam Yaletown | decor | design ideas | Diversification | DIY | dog park | door | Downtown | Downtown VW | Downtown VW, Vancouver West Real Estate | eathealthy | employees | Energy Efficiency | Engel & Volkërs | Engel and Völkers | entertainment | fall decor | fall trends | False Creek North | Family Events in Vancouver, Family events in Yaletown | Financial Freedom | First Time Home Buyers | food | fullmoon | Fundraise | Future living | garage | garden | Gardening | gardening trends | Greek Day | Greek Day 2011 | Greek Day Vancouver | greenery | Hastings, Vancouver East Real Estate | health | healthy | healthy home | healthylifestyle | Hedges | Holistic Home | Holistic Homes | home | home addition | Home Automation | home buying | home cleaning | home decor | home design | home improvement | home loan | home office | Home Security | home selling | home staging | home transformation | home trend | home trends | homebuyer | homebuying | homedecor | homeowner | homeseller | houseplant | housing | interest rates home buying | interior design | Interior Design Trends | International Investing | Investment | Investment Opportunity | Investor | Investor Life | June 2011 Market Stats | keeping cool | kitchen | kitchen trends | Kitsilano | Landscaping | lemons. lemonade | Live Your Luxury | living room | Luxury Living | Luxury Vacation Investments | Market Stats Vancouver | Market Stats Yaletown | Market Trends Vancouver | Market Update Vancouver 2013, Yaletown Realtor, Yaletown Real Estate, 2013 Vancouver Market Update | Mexico Investment | Modern Condos | Modern Studios | modular | mortgage | mortgage rules canada | myth | New development Yaletown | open house | organization | outdoor | outdoor decor | outdoor kitchen | Outdoor movie night in Yaletown | Outdoor Movie Yaletown park | outdoor patio | outdoor trends | paint | pantry | Park in Yaletown | patio | Picnic in the park outdoor movie night | Picnic in the Park Yaletown | plant | Presales | Properties | property selling | prospective buyers | Real Estate | Real Estate Innovation | Real Estate Investing | Real Estate Redefined | real estate stats | Real Estate Tulum | realtor | recycling vancouver condos | recyclying,youryaletownlife,condos | renovation | rental income | sales stats vancouver | self employed | smart home | Smart Home Tech | Smart Home Technology | Smart Living | social media | spring | spring cleanin | spring cleaning | springdecor | springtime | stay home | stay safe | Sustainable Living | tech company | Tech Innovation | The Beasley | The Erickson | The Erikson | theerickson,yaletown,yaletown'sbestbuilding | trends | Tulum Real Estate | twitter | unique | uses for lemons | Valentine's Day, Valentine's, Love, Couples, Friends, Food, Company, Yaletown | Vancouver | Vancouver 125th Anniversary | Vancouver Apartments | Vancouver Assignment | Vancouver Condo | Vancouver Condos | vancouver h | Vancouver Homes | Vancouver June 2011 Market Stats | Vancouver June 2011 Market Trends | Vancouver Market | Vancouver Market Stats. Real Estate | Vancouver Market Trends | Vancouver presales | Vancouver Real Estate | Vancouver Real Estate Market | Vancouver Real Estate Market, Vancouver Realtor, Vancouver Board of Trade | Vancouver Real Estate, Budget Increase, First Time Home Buyers, Vancouver Realtor | Vancouver Real Estate, Vancouver Real Estate Market, Vancouver Condos, Yaletown Realtor, Yaletown Condos | Vancouver Realtor | Vancouver West | Vancouver West Real Estate | weather | Wellness Real Estate | Wellness Tech | West End VW | work | work from home | work productivity | workfromhome | working from home | workspaces at home | Yaletown | Yaletown Apartments | Yaletown assignments for sale | Yaletown Beasley | Yaletown condo for sale | Yaletown Condos | yaletown condos 2802-455 Beach 606-212 Davie | Yaletown condos for sale | Yaletown Events, Yaletown Art, Andy Warhol | Yaletown Events, Yaletown Restaurants | Yaletown events, Yaletown shopping, Christmas events Vancouver, Vancouver Christmas Festival, Candytown, | yaletown farmers market | yaletown jazz fest summer | yaletown kissmas | yaletown living | yaletown luxury | yaletown luxury 1247homer artlover | Yaletown luxury living | Yaletown Market Stats | Yaletown open houses | Yaletown Outdoor Movie | Yaletown Park | Yaletown Park David Lam | yaletown patios | Yaletown properties for sale | Yaletown Real Estate | Yaletown real estate for sale | Yaletown Real Estate, Yaletown Realtor, Your Yaletown Life, YYL | Yaletown Realtor | Yaletown Studios | Yaletown Studios for Sale | yaletown townhouse open house | yaletown vancouver presale 8X | Yaletown, Yaletown Restaurants | Your Yaletown Life | YYL