Under the new rules, homes that are not occupied for at least six months of the year are subject to a tax of one per cent of the property’s assessed value. The deadline to rent out empty dwellings was July 1.
Fazli said many of the people he has talked to are thinking of renting or selling their properties. He recently met with a woman who owns three empty properties in Vancouver — and says one of them is now listed for rent, another will be listed shortly and she is thinking of selling the third.
“This is a scenario of someone who is kind of in a panic now and needs to rent them out,” he said. […]
amazing
Why were they empty?
they’re meant to be investment properties, bought, left empty, and then sold a year or few later for huge profit as housing values continue to rise. it’s a massive part of the bc housing bubble, and why despite so much new construction it’s still so difficult to find rental housing
the fact that these landlords are panicking because they might have to actually use their housing properties as housing rather than finance capital is deeply funny
It should be more than a 1% tax rate though. I want it to be 100%. Torture them.
