The City of Vancouver has extended the deadline for residential home owners to submit their declaration as to the status of their homes. Homes that remain empty for more than 6 months of the year will be taxed at 1% of their assessed value. Selling or Buying? The empty homes tax applies to the property and not to the owner. Buyers should be cautious and protect themselves from an assessment at a later date, or worse, an audit by ensuring they have in hand the proper declaration documents from the seller. Buyers may wish to instruct their conveyance lawyer to hold back a portion of the selling price for up to 730 days to ensure they are protected financially should the City determine the property does not meet the requirements of an exemption.
To learn more view the link: City of Vancouver Empty Homes Tax