according to Vancouver Couier, The city of Vancouver estimates it will bring in 38 millions from the first year of the empty homes tax---8 millions more than initially predicted.
So far, about 21 millions has been collected. Most of the renevue will be used for affordable houseing initiatives --8 millions has already been allocated. It will cover one-time implementation cost ( 7.5 millions) and first year operating cost ( 2.5 million).
The latest number were revealed in city's first empty homes tax annual report ,which was released Nov 29. In the first year, close to 184,000 declaration were submitted, representing 99% of all residential owners in Vancouver.
Out of total 186,043 properties, 178,120 were occupied, 5385 were exempt and 2538 were vacant.