Milestone reached as Vancouver empty homes fall below 1,000 properties | Daily Hive

Milestone reached as number of Vancouver empty homes fall below 1,000 properties

Condominium buildings in Vancouver's Olympic Village and False Creek North neighbourhoods. (karamysh/Shutterstock)

The number of vacant homes within Vancouver’s municipal borders has fallen to its lowest level since the City of Vancouver’s Empty Homes Tax (EHT) was introduced eight years ago, with fewer than 1,000 properties sitting empty across the city in 2024, according to a new bulletin released by the City.

The vacancy rate dropped to 0.49 per cent in the 2024 reference year, down from 0.9 per cent in 2017 when the tax was first implemented. City staff state it is the first time the total number of vacant homes has dipped below the 1,000 mark, signalling a significant shift in how residential properties are being used.

You might also like:

A total of 979 homes were declared or deemed vacant in 2024, representing a decrease of 94 units compared with the previous year. Over the same period, the number of tenanted properties climbed to 60,831 — the highest level since the program began — reflecting a steady increase in homes being brought into the long-term rental market.

Introduced in 2017, the EHT targets residential properties that are left vacant or underused, with the dual purpose of increasing housing supply availability and generating municipal revenue to help fund new affordable housing developments. The tax rate currently stands at three per cent of a property’s assessed value for homes that are vacant.

City data suggests the tax policy is at least one contributing factor. Since the EHT’s inception, the number of declared vacant properties has dropped by roughly 67 per cent, even as Vancouver’s overall housing stock has continued to grow, largely through new condominium construction.

According to the City, downtown Vancouver recorded the largest number of vacancies in absolute terms, reflecting its high density of condominiums, while Shaughnessy had the highest proportion of unoccupied properties relative to the number of homes required to declare, largely due to redevelopment, renovation, or property transfer exemptions.

However, residential vacancy rates are influenced by a wide range of factors beyond Vancouver’s municipal EHT and the B.C. provincial government’s similar Speculation and Vacancy Tax (SVT). Broader market conditions play a major role, including interest rates, construction activity, and overall rental demand. Higher borrowing costs can push owners to rent out properties to offset expenses, while strong rental demand and rising rents make it less attractive to leave homes empty. At the same time, fluctuations in housing supply — particularly the completion of new condominium projects — can temporarily raise or lower vacancy levels regardless of tax policy.

Demographic and policy changes also shape vacancies. Immigration levels, student enrolment, and household formation trends affect demand for housing, while other government measures such as the SVT, the federal Underused Housing Tax (UHT), and tighter short-term rental rules can reinforce or overlap with municipal efforts. Investor behaviour, global economic conditions, and local factors such as redevelopment, renovations, or neighbourhood-specific changes can further influence whether homes are occupied or left vacant.

Beyond housing supply availability, the EHT has become a source for affordable housing supported by the City. Since 2017, the program has generated over $194 million, which has been allocated to initiatives including land acquisition, non-profit and co-operative housing projects, and other housing-related priorities.

For the 2025 reporting period, more than $24 million in EHT revenue is slated for housing investments, subject to Vancouver City Council approval. The funding includes $15 million for land acquisition and Community Housing Incentive Program (CHIP) grants, about $4.5 million to accelerate new social housing projects and preserve existing affordable housing, and $5 million for emerging housing priorities.

More than 12,800 property declarations were audited during the most recent reporting period, with an effective non-compliance rate of about three per cent for the 2024 vacancy reference year, based on audits completed to date.

Meanwhile, the City has opened declarations for the 2025 EHT year. All residential property owners must submit a declaration, even if they live in their home or rent it out. Declarations are due by February 3, 2026, with a $250 bylaw fine for late submissions. Vancouver’s EHT is completely separate — and in addition to — the provincial government’s SVT declaration.

You might also like: