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They had to add a tax to empty homes in Vancouver to try and recover some of the units lost to investors just sitting on them.
by fezfight 4y ago
They had to add a tax to empty homes in Vancouver to try and recover some of the units lost to investors just sitting on them.
- pas 4y ago[citation needed] A tax was established, yes, but was it reasonable to do so (was it reasonable to expect that it will do much) and did it do anything? It seems the answers are no to both those questions. I think it's a good signaling tax though. (I'm 50-50 on the extra tax for foreign buyers. Ethically there shouldn't be any difference based on where one's passport is from, but practically of course there is.) Anyway, the real problem is constrained supply. Vancouver is still a fucking suburb compared to dense cities. https://www.youtube.com/watch?v=evYOhpjMql0 https://www.youtube.com/watch?v=evYOhpjMql0 https://www.statista.com/statistics/960174/vacancy-rates-residential-real-estate-vancouver-canada/ https://www.statista.com/statistics/960174/vacancy-rates-res... https://www.cbre.nl/-/media/cbre/countrycanada/images/insights-blog/2022/vancouver-vacancy-rates/metro-vancouver-vacancy-chart.jpg https://www.cbre.nl/-/media/cbre/countrycanada/images/insigh... https://vancouversun.com/business/real-estate/three-years-in-has-b-c-s-speculation-and-vacancy-tax-made-a-difference https://vancouversun.com/business/real-estate/three-years-in...