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The Masked Tulip

Vancouver Wields C$10,000-a-Day Fine in Crackdown on Empty Homes

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Want to keep your million-dollar luxury pad in Vancouver empty? Get ready to pay C$10,000 ($7,450) annually in extra taxes. Lie about it? That’ll be C$10,000 a day in fines.

Canada’s most-expensive property market, suffering from a near-zero supply of rental homes, announced the details of a new tax aimed at prodding absentee landlords into making their properties available for lease. The empty-home tax will take effect by Jan. 1 and will be calculated at 1 percent of the property’s assessed value, Vancouver Mayor Gregor Robertson told reporters at City Hall. 

http://www.bloomberg.com/news/articles/2016-11-09/vancouver-wields-c-10-000-a-day-fine-in-crackdown-on-empty-homes

 

 

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9 hours ago, VancouverGuy said:

I'm going to start making a list in my neighbourhood.

 

And then there's this

Same happens all over North America with detached homes. Plenty of fires in Ontario during downturns. Not so easy in semi or terraced homes.

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Is an offshore miilionaire going to be worried about a poxy CAD 10K charge (less than six grand sterling) ? Can't see this doing anything to incentivise the market it is just a cash grab by local government.

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2 minutes ago, Funn3r said:

Is an offshore miilionaire going to be worried about a poxy CAD 10K charge (less than six grand sterling) ? Can't see this doing anything to incentivise the market it is just a cash grab by local government.

They will just skate around the law using agents. Pretty simple really.

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