The numbers are finally out on the Vancouver Empty Homes Tax and they are underwhelming, in my opinion. As expected, the city of Vancouver has brought in far less money than they originally promised. Turns out there were far fewer empty homes that what they thought. Even worse, after you deduct the cost of implementing and maintaining the program the total amount collected so far is only 7 million dollars. Has it boosted rental supply…NO. Has it brought down condo prices.. NOT YET. Interest rate hikes and more mortgage tightening will be the cause of that. In other words this new empty homes tax is exactly what I said it was 8 months ago when it was first introduced. A Giant Tax Grab!
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Vancouver Empty Homes Tax. Epic Failure So Far!