Saturday, July 4, 2020
ADVT 
National

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

Darpan News Desk The Canadian Press, 29 Nov, 2018
  • 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

B.C.'s Insurance Corporation Cuts Ad Budget In Favour Of Traffic Enforcement

B.C.'s Insurance Corporation Cuts Ad Budget In Favour Of Traffic Enforcement
VICTORIA — The Insurance Corporation of British Columbia is slashing its advertising budget in half and redirecting the funds toward police traffic enforcement.

B.C.'s Insurance Corporation Cuts Ad Budget In Favour Of Traffic Enforcement

One In Critical, Non-Life-Threatening Condition After School Bus Crash In B.C.

CACHE CREEK, B.C. — A school bus carrying a high school girls' volleyball team has crashed on a highway in British Columbia's Interior, injuring several people including one with critical, but non-life-threatening injuries.

One In Critical, Non-Life-Threatening Condition After School Bus Crash In B.C.

Motive For The Raj Sangha's Shooting Death Is Unclear: Police

SURREY, B.C. — Police say a man is dead after a targeted shooting that appears to have no links to an ongoing gang dispute in Surrey, B.C.

Motive For The Raj Sangha's Shooting Death Is Unclear: Police

Latest Rain Storm Swells B.C.'s South Coast Rivers, Dumps Heavy Rain

Rainfall warnings remain posted for the east coast of Vancouver and the inner south coast all the way east to the Fraser Canyon, but wind warnings were dropped Monday night.

Latest Rain Storm Swells B.C.'s South Coast Rivers, Dumps Heavy Rain

Many Unanswered Questions About MP Raj Grewal, Justin Trudeau Says

As the political storm around Raj Grewal intensifies, Justin Trudeau says there are many lingering questions about the Liberal MP.

Many Unanswered Questions About MP Raj Grewal, Justin Trudeau Says

Surrey Mayor Doug Mccallum 'Dismayed' By $514 Million City Debt

Surrey Mayor Doug McCallum says he is “deeply dismayed” by the state of the finances in the city and has instructed staff to launch a “pay-as-you-go” system to cut the city’s debt.

Surrey Mayor Doug Mccallum 'Dismayed' By $514 Million City Debt