- Will we have a 2 tier property tax system in Vancouver?
- Q3 2023 was the fastest Canadian population growth since 1957
- How that population growth molding our Vancouver rental market?
- Vancouver now has the Highest construction costs in the country for 2024
- Bank rates held for the 4th time
1)
2 tier property tax system being proposed
www.theglobean...
- UPZONING RESULTS ARE HIGHLY UNCERTAIN -
- The reality of up zoning happening, how the density will play out, are heritage houses exempt etc…
Real estate consultant and commentator Michael Geller is known for offering ideas on housing policies, some of which have been implemented by government. One of his newer ideas is the adoption of a two-tier tax system that puts detached houses in a higher bracket than attached homes, such as condos and duplexes. The idea arose when he realized he was paying the same taxes on his Coal Harbour condo as his west-side house.
Mr. Geller argues that a lower rate for multifamily homes could incentivize the redevelopment of single-family properties into multifamily multiplexes. Vancouver City Council last year also voted to up zone most single-family areas up to six units per lot.
“This idea does make sense, especially since the province wants to encourage the redevelopment of single-family lots with multiple units,” said Mr. Geller. “What better way to reinforce the idea than to increase the taxes on a lot when it is used solely for single-family dwellings - albeit with a possible basement suite and or coach house? And decrease the tax by having a lower mill rate on the same lot if used for three to six dwellings?”
2)
fastest population growth in any quarter since 1957
building.ca/ca...
- FASTEST POPULATION GROWTH IN HISTORY -
- 430k in 2023 Q3
- Temporary residents / international students - temporary foreign workers
The agency says the population growth over the first nine months of 2023 had already surpassed the total growth in any other full year, including the record set in 2022.
I don’t know how many stay, but in the meantime they need rentals. This is a rental problem, not a buying selling inventory option.. But there are definitely foundations in place to have a rental unit absorbed…
RELATED TO:
3)
Rentals: (Nov.2023)
www.cbc.ca/new....
- VANCOUVER LEADS THE WAY AS CANADIAN RENTAL PRICES HIT NEW HIGH FOR 6TH MONTH IN A ROW -
On a monthly basis, average asking rents increased 1.4 per cent in October, a slight decrease from the monthly gains of 1.5 per cent in September and 1.8 per cent in August, which was attributed to seasonal factors.
Vancouver led the way again as Canada's most expensive city for renters, with the average one-bedroom unit listed at $2,872 and a two-bedroom at $3,777
a major factor driving up rent prices is the trend of fewer people looking to become homeowners, given the ongoing climate of high interest rates. One-third of Canadian households are renters, the rate for which is growing twice as fast as it is for homeowners, he added.
"People are not moving out and going into the home-ownership market because they can't with these rates," he said.
4)
HIGHEST BUILDING COSTS IN CANADA
biv.com/articl...
- Vancouver builders expect to face Canadas highest construction costs in 2024
A low-rise condominium apartment project (up to 12 storeys) will cost in the range of $325 to $400 per square foot in Vancouver ‘
This compares to last year’s range of $310 to $380 per square foot in Vancouver
5)
Bank rate hold 5% - 4th hold
Building anticipation for rate reduction, activity is already starting to pick up in the market.
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Jay McInnes
604-771-4606
jay@sharprealestategroup.ca
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