Vancouver's empty homes tax revenue higher than expected

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.

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