Vancouver Initiates Audit Process for New Empty Homes Tax

Have you heard about Vancouver’s new Empty Homes Tax?

The implementation of the controversial Vacancy Tax By-law No. 11674, also known as the Empty Homes Tax (EHT), by the City of Vancouver is currently underway, effective for the 2018 calendar year. Homeowners are required to file a declaration online by Feb. 2, 2018 stating that their home has been occupied for at least 6 months out of the previous year (January 1, 2017 – December 31, 2017).

Declare your status HERE.

Failure to declare will result in an additional tax levy of 1% of your property’s assessed value, which can mean a significant fine for homeowners. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,046,900[1] If you do not declare by the deadline, a home assessed at $1M will automatically owe an additional $10,000 in taxes. 

Developers or owners of vacant, residentially-zoned land may also be subject to the tax.

The City has already launched its EHT audit system to enforce compliance. If you have been audited, have further questions about this tax and how it may affect your home, or have any property assessment related inquiries, please contact our Vancouver office by phone at 604.629.5941 or by email at vleschuk@aecpropertytax.com.



[1] The Canadian Real Estate Association. Real Estate Board of Greater Vancouver. “Metro Vancouver continues to experience above-average demand and below average supply”. http://creastats.crea.ca/vanc/

 

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