A tax regime patterned on BC's is no Panacea.

First, it is very easy to circumvent the BC tax. A numbered company with a BC resident lawyer the named representative (and you with the hidden beneficial interest) will do the trick and this is only one of many dodges. 

Second, the tax is a one-time cost at the time of purchase and does nothing to prevent the property remaining vacant, to generate any surtax revenue thereafter or to otherwise preserve the vitality of the city.

Third, the tax is open to challenge under NAFTA and other international free trade agreements because it subjects citizens of our trade partners to burdens not imposed on Canadians.

Try an annual tax of .5% of a residential property's assessed value for municipal tax purposes where the property is not occupied as attested in a sworn document for 7 or more months in the preceding year by an individual who is the owner, a member of the owner's immediate family, a director or employee of the owner company, etc.