City staff are recommending that the hike to a 5% empty homes tax for 2023 be brought back to 3%. Find out more.
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The initial tax was set at one per cent of the assessed value of the home and has been since increased three times. Between 2017 and 2022, the tax generated $115 million, which has been spent on affordable housing programs run by the city.According to the city report, staff are recommending that increase be reversed and are also proposing a string of amendments to the vacancy tax bylaw, including an accounting for rezoning or building permit delays.Article contentThat report concludes that the empty homes tax rate should not be increased too quickly.
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