When buying a Home in the Beautiful City of Vancouver, we want to be aware of the “Empty Homes Tax” aka the “Vacancy Tax”, and most importantly, we want to be clear whose paying this Tax – the Seller or the Buyer
Vancouver homeowners are required to submit a declaration each year to determine if their property is subject to the Empty Homes Tax.
Most homes will not be subject to the tax, as it does not apply to principal residences, homes that qualify for an exemption, or homes rented for at least six months of the year.
NOTE: This Tax applies specifically to Vancouver and is not to be confused with the Provincial Speculation and Vacancy Tax.
(This content is for informational purposes only. It is not intended as advice or a determination of whether your property will be subject to the Empty Homes Tax.)
Source: City of Vancouver
How much is this Tax?
Properties deemed or declared empty in the 2021 reference year will be subject to a tax of 3% of the property’s 2021 assessed taxable value.
Subject Clauses
It’s easy to get sucked into a buying frenzy – especially in a Seller’s where the demand for properties outstrips the supply and Offers are presented without subjects.
There are dangers when it is not made legally clear who pays these taxes