Vancouver Empty Homes Tax. Epic Failure So Far!

Vancouver Empty Homes Tax. Epic Failure So Far!
The numbers are finally out on the Vancouver Empty Homes Tax and they are underwhelming, in my opinion. As expected, the city of Vancouver has brought in far less money than they originally promised. Turns out there were far fewer empty homes that what they thought. Even worse, after you deduct the cost of implementing and maintaining the program the total amount collected so far is only 7 million dollars. Has it boosted rental supply…NO. Has it brought down condo prices.. NOT YET. Interest rate hikes and more mortgage tightening will be the cause of that. In other words this new empty homes tax is exactly what I said it was 8 months ago when it was first introduced. A Giant Tax Grab!

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MACDONALD REALTY
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VANCOUVER BC HOMES & CONDOS
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Vancouver Empty Homes Tax. Epic Failure So Far!
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13 thoughts on “Vancouver Empty Homes Tax. Epic Failure So Far!”

  1. A LOT of good information here. Better listen to the second-half of this video if you are buying.

  2. Hi Owen! Thank you very much for your educational and optimistic videos. They are very easy to understand and they easily explain what is really happening in real estates and real estates investment. A year ago we bought an apartment studio in the Brava building in downtown not for big profits, but to help us in our retirement in 15 years (renting out now). I hope that we will be able to hold it. Because if you watch the news on TV, it seems that there is some kind of "witch-hunt" in Vancouver in this area of ​​activity. It is impossible to understand what will happen next.
    Of course, I would very much like you to post videos more often :))) I bought your book and I look forward to reading it, and also learn more about investing in the stock market. I'm not a foreign buyer (15 years in Canada), but I am sorry for my foreign accent 🙂 Thanks again!

  3. Owen, you're so right……NDP got to go! Thanks for additional tip on empty home clause on contract

  4. We need to increase the amount of tax to at least 3% annually. We need to setup a snitch line as well, we need to have a team of auitors that get incentivised by commissions based on finding offenders. But ultimately we need to ban foreign home ownership here, we need communities not Chinese investment thanks.

  5. No matter what u build will not solve any issue, there are million of people around the world wanting to buy home in Canada, one day there will be no place for locals, you have to regulate how people can invest in housing market or it will be even more mess.

  6. Owen – you are completely right on the money with the need for this clause. I had always wondered how it would be addressed. I guess, you also need to also assess the risk based on what you know about the seller, the former use of the property and how long it was owned.However, one thing that is a huge risk is where you are asking for an indemnification from a seller, the seller lies, the seller is not out of the country, and your buyer has been assessed a . . say . . $50,000 penalty on top of the empty homes tax. Good luck collecting it.  So – it seems that someone who is out of the country and has lied on their declaration – is lying to your buyer, but still signs and indemnification – will expose the buyer to risks because they could never collect later on any costs from historical non-compliance of the seller.  I would basically apply 10% or more withholding from a non-resident for 2 years to cover any empty homes tax issues unless they could provide a letter of credit or bank guarantee for a lengthy period.

  7. Good info for buyers who want to make sure they don't get hit later.

    This tax as with the education tax are merely government appearing to be trying to tackle an issue they can't really control.

    The plus side is that other factors seem to be working. As I've been watching my area the last 2 weeks inventory is expanding at 15 units/day. If this keeps up it will double within 45 days.

  8. So sad to hear the realtors complaining after a decade of "good times". Maybe some more shadow flipping would make up for it.

  9. Great video and very good information as always; thank you. For quick accessibility of your Empty Home Tax Declaration copy, a great tool in addition to keeping paper copies is the Centiq app. on your smartphone. You can keep all pertinent copies of documents and receipts to any number of properties, be it your primary resident or rental property.

    I've been using this app. for quite a while and it's pretty good. You can scan all your appliance name plate containing model and serial numbers and it's pretty good at figuring out what it is and cataloging it. Centriq: https://youtu.be/m2rLzvoCflg and also TOH: https://youtu.be/7SHjYjNnLUs

  10. The purpose of those taxes are not there to make housing more affordable ( as the government claims ) but to get a piece of the market cake.

  11. Really? I heard otherwise. I heard there were LOTS of false claims of occupied homes from Steve Saretsky particularly in Shaugnessy and Kerrisdale. If you ask anybody living in those areas, they say 'homes are empty' however, there was unusually high occupancy in that area. It's time for an AUDIT! Wouldn't you say?….

  12. I think the whole point was to get some rental inventory market rather than a tax grab

  13. If the government go after those multi million property, they will get more tax
    There are many of these properties are pretending ppl live in there to avoid the tax.

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