Close X
Wednesday, December 11, 2024
ADVT 
National

Vancouver Expects To Collect $38 Million From Vacancy Tax In First Year

Darpan News Desk The Canadian Press, 29 Nov, 2018 01:28 PM
  • Vancouver Expects To Collect $38 Million From Vacancy Tax In First Year
VANCOUVER — The City of Vancouver says it has collected $21 million in the first full year of its empty homes tax and another $17 million could still flow into its coffers.
 
 
The city says in a news release that it expects to generate about $38 million from the first year of the tax which is applied to vacant residential properties in a bid to ease Vancouver's one per cent vacancy rate.
 
 
The city says there just over 186,000 residential properties declared and 2,538 of those were vacant.
 
 
It says the declaration period for the second year of the tax is open with a deadline of Feb. 4.
 
 
City staff will continue to monitor the impact of the tax on housing supply and affordability, and the release says revenue generated by the tax will be used for affordable housing initiatives in Vancouver.
 
 
The city says $8 million raised by the tax last year has already been earmarked for specific affordable housing initiatives.

MORE National ARTICLES

Study Aims To Shed Light On The Elusive Wolverine In B.C.'s South Coast Region

Study Aims To Shed Light On The Elusive Wolverine In B.C.'s South Coast Region
VANCOUVER — A new project aims to find out more about the life and lifestyle of the ghost of the deep forests of British Columbia, the wolverine.

Study Aims To Shed Light On The Elusive Wolverine In B.C.'s South Coast Region

World Curling Tour Plans To Review Policy After Red Deer Ejection

World Curling Tour Plans To Review Policy After Red Deer Ejection
Knocking back a few pints after a game is enmeshed in the social fabric of the sport, especially at the club level. Sometimes you'll even see elite curlers head to the bar once play is complete, with winners typically buying the first round.

World Curling Tour Plans To Review Policy After Red Deer Ejection

Parole Board Says Marco Muzzo Lacks Insight Into Drinking Issues

Parole Board Says Marco Muzzo Lacks Insight Into Drinking Issues
In trying to paint himself as a responsible drinker who made a deadly mistake, a drunk driver who killed three children and their grandfather revealed a lack of insight into his drinking habits and the risk they pose to others

Parole Board Says Marco Muzzo Lacks Insight Into Drinking Issues

Andrew Scheer Lays Out Tory Plan For Gun Violence, Rejects Calls For Handgun Ban

Andrew Scheer Lays Out Tory Plan For Gun Violence, Rejects Calls For Handgun Ban
Conservative Leader Andrew Scheer says he wants to tackle a surge of gun violence in Canada by targeting criminals who use weapons illegally, rather than supporting an outright handgun ban.

Andrew Scheer Lays Out Tory Plan For Gun Violence, Rejects Calls For Handgun Ban

Justin Trudeau Aims To Confront Ontario'S Ford On Cuts To Francophone Services

Justin Trudeau Aims To Confront Ontario'S Ford On Cuts To Francophone Services
OTTAWA — Prime Minister Justin Trudeau delivered a message to Ontario's French-speaking minority today in light of budget cuts in the province that affect them: the federal government has your back.

Justin Trudeau Aims To Confront Ontario'S Ford On Cuts To Francophone Services

Higher Interest Rate Target? Expanded Mandate? Bank Of Canada Explores Options

Higher Interest Rate Target? Expanded Mandate? Bank Of Canada Explores Options
OTTAWA — The Bank of Canada is studying whether it should make changes to the framework that has underpinned its policy decisions — such as interest-rate movements — for nearly four decades.

Higher Interest Rate Target? Expanded Mandate? Bank Of Canada Explores Options