Vancouver council votes to stop an increase in empty homes tax

The Vancouver city council recently voted against a plan to increase the empty homes tax rate from 3% to 5% of assessed value. This news has implications for both sellers and buyers in the real estate market.

For sellers, this decision means that they will not be facing an even higher tax burden on their empty properties. The current 3% rate is already a significant cost for those who own homes they are not using or renting out. With the COVID-19 pandemic leading to many people leaving the city or investing in vacation properties outside of the region, the empty homes tax has become a hot topic in Vancouver real estate. The decision not to increase the tax may be a relief for some sellers who were worried about the potential financial impact.

On the other hand, buyers may see this news as an opportunity. With the empty homes tax remaining at the current rate, there may be fewer disincentives for owners to keep their properties vacant. This could mean more homes on the market for buyers to choose from. Additionally, with the pandemic leading to changes in where people want to live and work, some buyers may be looking for properties that have been vacant for a long time. They may be able to negotiate a better deal if the owner is eager to sell and avoid paying the empty homes tax.

Of course, real estate news is always subject to change. While the current decision is to keep the empty homes tax at 3%, future city councils may decide to revisit the issue and increase the rate again. This uncertainty may be a factor for both sellers and buyers as they make decisions about their properties.

Overall, the decision to keep the empty homes tax at 3% is good news for some sellers, but may also present opportunities for buyers. As always, it's important to stay up-to-date on real estate news and market trends in order to make informed decisions.