Millennials, rejoice. If, like me, you've been grappling with both your immense love for this city mitigated by the INSANE rent prices and lack of suitable rental options, the tides look like they're about to change in our favour.
A new empty-home tax was announced Wednesday, November 9th by Mayor Gregor Robertson at City Hall. What does this mean, exactly? It means home-owners can no longer let their luxury homes sit empty while Vancouver renters struggle to find a place to live in a market with a near-zero supply of places available.
The ubiquitous Vancouver Special, a go-to for students renting in the city.
The tax will be in effect January 1st as part of an effort to make Vancouver liveable for more than just Chip Wilson and his crew. The tax will be calculated at 1% of the total property value. Sounds like a small price to pay? That's $10,000 annually for a million dollar property - making it very worthwhile for homeowners to rent out their vacant homes.
So before you pack your bags and take off for Montreal or Halifax, give Vancouver a shot - the effort to make this city more affordable is well-underway. You may still land your dream-pad.
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