Vancouver's Empty Homes Tax shows positive impact on housing availability in 2022 report

VANCOUVER — The Empty Homes Tax (EHT) has continued to positively impact Vancouver’s rental housing availability, according to a 2022 annual report.

Since its launch in 2017, the EHT has contributed to a 54 per cent decrease in vacant properties in the city.

The report, released on Dec. 1, further indicates that in 2022, 52 pe cent of the 1,398 residential properties identified as vacant in 2021 under the EHT program were converted to occupied status.

Since its inception, the EHT has generated $142 million in funds which have been directed towards affordable housing initiatives to enhance the supply and affordability of social housing and provide support to renters in the city.

For the 2022 reporting period, the allocation of $27.1 million from these revenues, subject to council approval, is aimed at various key housing initiatives.

This includes $20 million for land acquisition and the Community Housing Incentive Program grants, which assist non-profit and co-op partners in developing more affordable social and co-op housing projects.

Additionally, $3.8 million is earmarked for staffing resources on affordable housing projects, and $3.3 million is allocated for emerging priorities that support the creation of new initiatives and capital programs, all geared towards achieving the city’s long-term housing goals.

The EHT declarations for the 2023 tax year are now open. Residential property owners in Vancouver are required to declare their property status annually, even if they live in the property or rent it out. Declaration instructions are being sent to property owners along with their advance property tax notice, and those registered for eBills will receive their notice via email. Declarations are due by Feb. 2, 2024, with a $250 bylaw fine for late submissions. The tax rate for vacant properties for the 2022 reference year is set at three per cent.

The city also encourages property owners to sign up for an online services account, which offers the convenience of receiving tax notices by email, checking account balances, and accessing other important tax information.