The richer the neighborhood, the more empty houses, according to Vancouver tax report
The neighborhood of Vancouver with the highest percentage of empty houses also happens to be one of the wealthiest in the city and the area with the largest houses in the city.
Eight percent of residential buildings in Shaughnessy are empty, according to the City of Vancouver’s first comprehensive update on its new empty house tax.
Meanwhile, the more “affordable” areas on the east side of the city mostly have vacancy rates of half of it.
The percentage of homes left empty in each neighborhood east of Main Street is three percent (with the exception of Strathcona, where it’s four percent, and Sunset, where it’s two percent).
Back on the West Side of Vancouver, the vacancy rate is five percent in West Point Gray, Dunbar Southlands, Arbutus Ridge, Kerrisdale and Marpole. In Oakridge, it’s six percent.
In November 2016, the former mayor Gregor robertsonThe Vision Vancouver administration has proposed a one percent tax on homes left unoccupied. Over the next year there was a lot of scrambling and debate over what exactly constitutes an empty house and who should be eligible for tax exemptions. The statutes entered into force last January.
Now the city has released its first annual tax report. It says about 99 percent of homeowners have completed a mandatory survey to find out whether properties are occupied or not.
“Of a total of 186,043 properties, 178,120 were occupied, 5,385 were exempt and 2,538 were vacant,” read a press release dated November 29.
It is estimated that Vancouver will collect $ 38 million in the first year of the tax.
The Empty Home Tax (also known as the Vacant Home Tax) was developed to help relieve pressure on the Vancouver rental housing market, by putting empty or underutilized properties back on the market. long-term rental, “the statement read. “The revenue generated by the tax must be used for affordable housing initiatives in Vancouver. “