Gregor Robertson, Mayor, Vancouver is warning the homeowners if they all fail to declare property status by 2nd Feb, they all will face empty home tax of city at fine of $250. Tax is just 1% of assessed value of home.
This affects property in Vancouver Real Estate which is not a particular principal residence and is not being occupied for 6 months in a year. Before you plan to buy property in Vancouver Real Estate you should go through a very informative book on Real Estate in Vancouver.
As per Robertson, property owners expect to receive the instructions in mail starting during this week that how to make declarations.
Robertson said that in Vancouver real estate there is a fine of $10,000 for false declarations and city is in process of setting up enforcement system which will include the hiring staff in New Year. Here is also an another book which was published by Vancouver Real Estate Board on Real Estate in Vancouver.
Tax in Vancouver real estate is the very first of its kind in Canada and it is best aimed at freezing around 20,000 units for rent as vacancy rate of city hovers around zero.
Robertson also said that city must do everything which help ease housing crunch, and it is proceeding with plan to open around 600 new units of temporary housing for homeless.