The Empty Homes Tax is Moving Vancouver Forward
More and more homes are now occupied while raising over $85M to support affordable housing initiatives since inception.
The Empty Homes Tax (EHT) continues to make progress in encouraging empty homes to be rented to those who live and work in Vancouver and raising funds for critical affordable housing projects.
You can read the full 2020 Empty Homes Tax Annual Report here.
More homes are now being rented to Vancouver residents
The latest figures from 2020 show a 6.4% drop in empty condos and a reduction of 15.4% of empty single detached homes over the previous year. Since the program’s inception, the tax has contributed to 26% fewer empty properties across the city. This trend is set to continue as the tax will triple next year.
Last year Mayor Kennedy passed his signature campaign promise to raise the EHT to 3% to build on the policy’s success and boost compliance with the tax. Even if folks keep their homes unoccupied, raising the tax will allow the city to step up their investments in affordable housing.
New Investments in Affordable Housing
Since the program was launched, a total of $86.6 million has been allocated to support various affordable housing initiatives to increase the supply and affordability of social housing.
In July Council approved a CHIP capital grant totalling $5.4 million, which will support the construction of 81 new affordable homes proposed by Vancouver Native Housing Society. This proposal would create much-needed homes at affordable rents for dozens of Indigenous individuals and families in the Grandview-Woodland neighbourhood.
Mayor Kennedy Stewart believes that we should build housing for all, and the EHT will help us keep moving Vancouver forward.