As of next year, homeowners in Vancouver will have to pay 1 per cent of the value of their property for any vacant homes in that area, in agreement with the approval of the tax by the city councilors.
For any property left empty for 6 months and above, the property will subject to pay the tax if it is not the main home of the owner. However, there are some exceptions for homes that will be undergoing repairs or renovations.
8 against 3 councilors approved of the tax scheme earlier this week. The scheme will need owners to self-declare, for those that go against the law, they will have to face huge consequences and substantial punishments. The cash that will be acquired from the tax which will be paid by owner will be used to take care of the operation cost and fees.