Vancouver's Homeowner Vacancy Rate Nearly 5 Percent
Nearly 8,500 homes in Vancouver—or about 4.6 percent—will be subject to a new vacancy tax of 1 percent of their assessed value, The Guardian reports. They were found to be "empty or underutilized" for at least 180 days out of the year, based on declarations submitted by nearly 99 percent of homeowners in 2017.
More than a quarter of the vacant properties are in downtown Vancouver, and nearly 61 percent are condos.
Vancouver's controversial vacancy tax went into effect in 2017 as part of a multipronged strategy to reduce housing prices in the city. Economist Robert Hogue told The Guardian that while the new data on homeownership vacancy is "difficult to put into context," it contrasts with the city's rental vacancy rate, which is less than 1 percent.