Thursday, January 19, 2023

At a glance (1 minute read)

  • The City of Vancouver's recent report shows evidence that the Empty Homes Tax is reducing vacancies.
  • The number of vacant properties decreased by 36 per cent since the tax was introduced.

Vancouver’s Empty Homes Tax (EHT) decreased the number of vacant properties, according to newly released data in the city’s 2021 Empty Homes Tax Annual Report.

From the introduction of the tax in 2017 to 2021, the number of vacant properties decreased by 36 per cent.

There was also an increase of more than 5,900 condominium units in the long-term rental stock in Vancouver in 2019 following the introduction of EHT and other measures including the BC Speculation and Vacancy Tax. The number of condominium rental units increased by 2,455 units in 2020 and 615 units in 2021, according to EHT annual report.

 

2019

2020

2021
Exempt and vacant

Exempt

4,226

4,392

4,440

Vacant

1,762

1,755

1,398

Occupied

Principal residence

132,153

132,205

133,422

Tenanted

53,976

56,660

57,181

Total

192,117

195,012

196,441

Revenue

The EHT has generated $115.3 million in revenue since it was introduced, which has been allocated to support affordable housing initiatives. These include the Community Housing Incentive Program (CHIP).

In 2022, three CHIP grants totaling $16.3 million were awarded to support local non-profits to operate and deliver affordable housing to low-income households.