Empty Homes Tax Amended To Add Exemption For Completed But Unsold Condominiums In Vancouver – Real Estate – Canada

In 2017, Vancouver introduced the Empty Home Tax (EHT) to encourage owners to rent out their vacant residential properties in order to help alleviate pressure on the rental market. For properties that are tenanted or considered principal residences, the tax is generally not applicable. On June 28, 2023, Vancouver City Council amended the EHT to exempt developers from paying it on completed but unsold condominiums. This new exemption will provide financial relief for developers, as it exempts them from the previously substantial tax levies on completed but unsold condominiums.