Hello Ward 8 Neighbours,
Thanks to a motion by Ward 3 Councillor Nrinder Nann on December 9, City council will study whether to impose a property tax on property owners who leave a property vacant for an extended period of time.
For more details, please keep reading below…
Nann, who introduced the motion at the Dec. 9 general issues committee explains that owners who buy buildings and leave them empty contribute to the housing crunch the city is currently facing.
Hamilton is following in the footsteps of Vancouver, which became the first North American municipality in 2016 to introduce a surcharge to vacant properties to alleviate the housing market.
Ward 8 Councillor John-Paul Danko, who has family in Vancouver, said that people have been purchasing properties in the city and leaving them vacant.
“It’s a massive, massive problem in Vancouver,” said Danko. “It (increases) rents. It takes units off the market and it really affects young people. The housing market is driven by speculation.”
Cllr. Danko went on to state that it’s happening in our neighbourhoods too, “Anecdotally, you can see it growing in Ward 8”.
Questions or Concerns?
If you have any questions or concerns, you can contact our office here.