It looks like the city is serious about the empty home tax, at least one commenter here has received notice of an audit.
Well it seems the City is following up on the declarations made for its Empty Home Tax.
We were just notified that we are being audited for declaring our home as occupied as a principal residence. Interesting, since we’ve been in the same location for many years, and there are many empty homes in our area. You’d think the City would look at the homes that have changed hands more recently, since these are the ones that are left empty!
We may be running out of land, but apparently the old expo lands aren’t. The city has had tentative rights to 6 vacant lots intended for affordable housing for almost 3 decades:
Veteran architect and planner Michael Geller said it is “outrageous” that these sites haven’t been developed, but he believes talks could now be rekindled — even if the levels of government come up with a different plan for who might live in these future buildings, such as a mix of social, low-income, rental and affordable ownership. Some type of solution is required, he argued, if people are going to believe the affordable housing promises made for future developments in the city.
“When Northeast False Creek came up, I did say: Look, it’s great to promise all this affordable housing, but let’s not forget we still have these six sites undeveloped in the north shore of False Creek,’” said Geller, who was involved in the Coal Harbour development at the time.
Read the full article here.
It’s kind of fabulous how easy it is these to days to rent out your spare homes as a vacation home with an online listing. And it’s easy to find a vacation home for a short term stay as well, all you need is a credit card… or your parents credit card.
Police say they were called around 8:30 Friday night to a home on Ottawa Avenue near 24th Street and saw 200 teens flooding out of the house.
Palmer says damage is now estimated at approximately $20,000.
“Walls were kicked in, furniture was smashed, artwork was smashed, furniture was tossed off the balcony into a hot tub,” he says.
The family has agreed to pay for the damage and no criminal charges will be pursued by the owner of the rental home.
Full article here.
Vancouver detached home sales have dropped nearly 40% compared to a year ago and you know what that means?
The market for detached homes in Vancouver has softened so much that it is “beginning to enter buyers’ market territory,” says the president of the region’s real estate board.
Now get out there and transact!
People who own more than one home are worried about the new speculation tax:
From a Vancouver Island resident with a condo in Vancouver: “If the proposed speculation tax proceeds as you describe, the two-per-cent tax will far exceed the B.C. income tax that we normally pay. We will have no choice but to sell our Vancouver condo. We’re not speculators. We simply wanted to enjoy a few days a month in the city we used to live in, in the comfort of our own condo.”
On the problem for seniors with recreational properties that have been in the family for years: “If they pay zero income tax because their annual income is low enough to warrant no tax — i.e. married couple making around $25,000 or so — they’d never recover the amount.”
From someone with a place on Saturna: “They call it a speculation tax, but it seems more like an empty home tax. The government claims that taxing homes which remain empty most of the year will help deal with the housing shortage. If that is the case, why isn’t Whistler included? The prices are skyrocketing and there is a real housing shortage for workers. On the other hand, they include a Gulf Island like Saturna, where there isn’t a housing shortage and housing prices haven’t risen in more than eight years.”
On the perverse incentives of a tax vis-a-vis longtime residents versus actual speculators: “If you speculate and sell the property quickly, you pay the tax once, while those keeping property for years pay years of tax. The short-term speculators win!”
Read the full article here.