What is the empty homes tax? The City of Vancouver brought in the empty homes tax to help eliminate homes that were sitting empty and not being used, by the owner or by other parties. Owners who live in their property, or rent them out for at least 6 months of the year will not have to pay the tax as long as they make the annual declaration the property was occupied.  

If you are renting a property located in the City of Vancouver you are required to declare if your property was rented by February 2, 2022. There is no reason to wait if you know your property wasn’t empty. Follow the link below to the declaration page and instructions on how to declare. 

Failure to declare can result in a tax being assessed to your property in the amount of 3% of the assessed value of the property. With the value of real estate in Vancouver this can be a significant penalty to any homeowner. Additionally, the city may apply a fine for failing to declare the empty home tax.

https://vancouver.ca/home-property-development/declare-property-status.aspx

Need assistance managing your rental property? contact us for an evaluation of your needs.

Cartref Properties specializes in managing rental units located within Strata Corporations.

www.cartrefproperties.com