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By Special to MoneySense on July 11, 2016
Estimated reading time: 1 minute

B.C. supports housing vacancy tax in Vancouver to assist with rental shortage

By Special to MoneySense on July 11, 2016
Estimated reading time: 1 minute

BC government supports municipal move to tax vacant properties

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(Johner Images/Getty Images)

The British Columbia government will support the city of Vancouver’s request for a tax on vacant housing. Finance Minister Mike de Jong says the legislature will meet July 25 to consider revisions to the Vancouver Charter that would allow the city to create and collect the tax. De Jong says the levy is aimed at improving the supply of rental homes across Metro Vancouver’s superheated real estate market. He says a vacancy tax is a reasonable request to try to regulate the rental market while waiting for new construction to come online. De Jong says he spoke with Mayor Gregor Robertson before the announcement and believes he is pleased with the province’s efforts to respond quickly to the housing affordability crisis. NDP Housing critic David Eby says he will have to see what de Jong puts forward in the legislature before he decides whether to support it. — The Canadian Press

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