Photo: pixabay The mayor of Vancouver has announced a plan to raise the tax rate on vacant homes to 5% and double compliance checks in a bid to provide more affordable housing. Kennedy Stewart says his decision to triple the tax rate on vacant homes by 2020 brought in about $ 32 million for affordable housing and helped “return” more than 4,000 homes to locals. Preliminary data released this week by the city show a reduction in vacant properties and a doubling of declared property revenues after the tax rate increase to 3% by the city. However, Stewart says there are still hundreds of vacant homes and thousands more claiming exemptions, so more needs to be done. The mayor’s latest proposal will be discussed at city council meetings near the end of the month. Stewart says he expects unanimous support from the city council, as it is an “important step” in tackling the city’s housing affordability crisis.
