With the new Vancouver Empty Homes Tax, there is a goal to relieve the difficulty and pressure we have seen in our rental housing market.
The consistently growing inflation has made it increasingly difficult for homeowners-to-be and young renters looking to move out, to find a home they can call their own. Options people are turning to include living with roommates, staying with family, or participating in home shares; all of which most don’t want to compromise.
This new tax is helping get more homes on the rental market. In recent years, owners have been holding empty homes, however, the tax is pushing owners to free them up in order to avoid paying the Vancouver Empty Homes Tax.
It is balancing out the market slowly but surely, because rental listings are not rising as quickly as before. They are also sitting on the market for longer with tenants becoming more and more educated on what they are looking for and which prices seem fair. This is expected to continue slowing the bidding wars that have happened in the past.
The softening of the market will push property owners, landlords and investors to build better relationships with their tenants. In the past, the properties could be rented or least very quickly, but now that renting is requiring more time, it is essential to better the customer service being offered, as well as the general experience to avoid losing a potential tenant.
Hopefully with even more time, the Vancouver Empty Homes Tax will keep balancing out the market and provide more breathing room for renters entering the market for affordable homes that they love and feel comfortable in.
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