Yesterday Vancouver’s municipal council approved amendments to Vacancy Tax By-law No. 11674, which governs the city’s unique 1% tax on certain residential properties. The amendments mainly serve to narrow the exemptions available to homeowners after months of conducting audits. The basis for most of the amendments was summarized in a report to the city’s finance committee last month.
These changes come days before mayor-elect Kennedy Stewart is set to take office. Mr. Stewart recently affirmed his campaign commitment to push to increase the tax rate to 3%.