VANCOUVER – According to data released in the t, the program continues to support the availability of rental housing in Vancouver.
For the seventh year in a row, the report demonstrates the EHT is having a positive impact on housing availability for those who live and work in Vancouver, states a release, with the number of vacant properties decreasing by 58 per cent between 2017, when the EHT launched, and 2023.
“Of the 1,156 residential properties that were deemed, determined or declared vacant under the EHT program in 2022, 49 per cent were converted to occupied status in 2023,” it states.
Approximately $169.8 million has been allocated to support affordable housing initiatives. For the 2023 reporting period, $27.4 million of this revenue is allocated to fund several key affordable housing initiatives, subject to council approval:
- $15 million for land acquisition and
- $3.7 million toward the delivery of affordable housing projects.
- $8.7 million to support the creation of new initiatives and capital programs.
The city notes EHT property status declarations are now open for the 2024 tax year. Residential property owners are required to complete a declaration every year, even if they live in their property or rent it out.
Declaration instructions are being mailed to property owners over the coming weeks along with their advance property tax notice. Owners who have signed up to receive e-bills will receive their notice by email. Declarations are due by Feb. 4, 2025. A $250 bylaw fine applies to late declarations.
The tax rate for the 2024 reference year is three per cent for vacant properties, the city adds.
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