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3% vacancy tax producing $115M in revenue indicates roughly $3.8B in empty housing stock. Average condo prices in the CoV are roughly $2.1M, and so we can concl
by dleslie 2y ago
3% vacancy tax producing $115M in revenue indicates roughly $3.8B in empty housing stock. Average condo prices in the CoV are roughly $2.1M, and so we can conclude there is likely around, or a little less than, 2000 empty condos hit by this tax.
That's not 1/3 of Vancouver's condo supply. Not by a long shot.
- hedora 2y agoI'd guess that many of the unused condos are borderline condemned, and priced way below median. So, it's possible there are ~20,000 condos that need enough work to make repair uneconomical. Still, it doesn't sound like that'd make much of a dent in Vancouver's housing supply. (Razing them and building higher density buildings might, though.)
- dleslie 2y agoIIRC, the oft-repeated and rarely-cited 1/3 vacancy is a misunderstood statistic which showed that 1/3 of condos in BC are investor-owned[0]; where an investment property is any property where the owner is not the occupant. 0: https://vancouver.citynews.ca/2023/02/03/bc-condos-investor-owned/ https://vancouver.citynews.ca/2023/02/03/bc-condos-investor-...