Buying in Vancouver? Something you should know...

There are two different vacant property taxes in Vancouver: The City's Empty Homes Tax and Speculationand Vacancy Tax.

The City's Empty Homes Tax is separate from the provincial government’s Speculation and Vacancy Tax. If you have an enquiry about the Province's tax, please call 1-833-554-2323.

Both taxes have similar requirements for the exemption. Tax does not apply if property was:

• Used as a principal residence by the owner, his/her family member or friend, or other permitted occupier for at least six months of the tax year.

or

• Rented for residential purposes for at least six months of the current year, in periods of 30 or more consecutive days.

When you are purchasing property in Vancouver it is important to consider if you will be subject to tax in the future. It is also important to investigate the previous use and ownership of the property, to make sure that you will not get “stuck” paying the taxes for the previous owners.

Your Realtor will be able to advise you on these taxes, but if you have any questions feel free to call my office for more information. I would be happy to help.