The City of Vancouver Has Approved The Vacant Home Status Tax Empty Homes Tax aimed at boosting rental rates in our city’s incredibly hot market. All non-principal residences left unoccupied for at least six months of the year will be subject to a 1% tax on the assessed value of the property, as of 2017. The new tax is aimed at […]
Millionaire homeowners cashing out of Metro Vancouver’s red-hot real estate market are seeking greener pastures elsewhere in B.C. Real-estate experts say they’re seeing more city slickers selling off their urban homes and heading north or east to buy hobby farms and acreages, where they can live off the land with cash to spare.
A little-known provision of the British Columbia Assessment Act could become a bigger factor in protecting single-family homeowners from the effect of rising property assessments in Vancouver’s high-priced market, a prominent appraiser and tax agent argues. Section 19.8 is designed to protect long-term homeowners in a neighbourhood from land-use changes, such as rezoning or subdividing. These changes can drive up property values by assessing a property based on potential for redevelopment rather than its actual use.