Vancouver Mayor Gregor Robertson is warning homeowners if they fail to declare their property status by Feb. 2, they will face the city's new empty homes tax plus a $250 fine. The tax is one per cent of a home's assessed value. "Almost all homeowners in Vancouver will not be affected by the empty homes tax ... but we know there are thousands sitting empty right now," said Robertson. The tax is the first of its kind in Canada and is aimed at freeing up as many units for rent. Based on recent census figures, it's believed there an estimated 20,000 to 25,000 homes in Vancouver that meet the city's threshold for the tax.

Source: CBC News November 07, 2017 23:37 UTC