The City of Vancouver is reminding homeowners they only have one week left to make their annual Empty Homes Tax declaration.
Homeowners who miss the Feb. 2 deadline face a $250 fine, and those who fail to declare at all will have their property deemed vacant, officials warned.
The city said 79 per cent of homeowners had already submitted their declarations as of Jan. 25, but that still leaves upwards of 40,000 outstanding.
The Empty Homes Tax does not apply to principal residences or homes that are rented out for at least half the year. There are also a number of exemptions allowed, including for some plots of vacant land and some homes that are undergoing major renovations or construction.
Homeowners whose properties are determined to be vacant and subject to the tax are now dinged three per cent of the assessed 2021 taxable value. City council voted to increase the rate from 1.5 per cent in November 2020.
A report released that fall by the Canada Mortgage Housing Corporation found more than 11,000 condos were added to the Metro Vancouver rental market in 2019, an increase that was attributed in part to the tax.
Declarations can be made online, and homeowners can call the city at 311 for help.
