Vancouver\u0027s council is considering exempting vacant, unsold, newly built homes from the empty homes tax.
This was not a problem when Vancouver implemented the empty homes tax in 2017. Then, the Vancouver condo market had almost no unsold new condos.
“We’ve been talking about this issue since they brought it in. If the market changes, this is going to be a problem,” McMullin said this week.Article content “When the condo market was hot, there was a lot of money made, and the expectations for sale prices are now very high,” she said. “Exempting unsold vacant condos until they can be sold at those high prices seems like it punishes customers, like new families trying to get into the market who should be able to benefit from slightly reduced prices.”Article content
However, Jarvis said, if the current council decides this week not to exempt unsold inventory, developers may cancel projects or simply decide to build in other municipalities where unsold units are not subject to extra taxes — especially if the tax goes up to five per cent. Tsur Somerville, a professor at the University of B.C.’s Sauder School of Business, said if council does not approve an exemption, the number of condos that get sold for lower prices could be far outnumbered in the long-term by the new homes jeopardized if developers decide these projects are not longer viable.
“You don’t want to discourage people building homes, so it’s a good idea to exempt them,” Davidoff said. “On the other hand, it’s not particularly beneficial to the city that the developer hold out for optimally high prices.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cavalry can't find way to win against 10-man Vancouver FCAnother chance — perhaps the toughest to swallow — slipped past Cavalry against Vancouver FC in a 1\u002D1 draw with the CPL expansion side.
Read more »
Cavalry can't find way to win against 10-man Vancouver FCAnother chance — perhaps the toughest to swallow — slipped past Cavalry against Vancouver FC in a 1\u002D1 draw with the CPL expansion side.
Read more »
Why Vancouver dominates Canada’s Top Women Wealth Advisors rankingOf the 100 women on this year’s list, 22 are based in Metro Vancouver, including the top four
Read more »
MLS Saturday roundup: Toronto FC blanked by New England RevolutionCF Montreal shuts out Orlando City 2-0, Vancouver Whitecaps edge Minnesota 3-2
Read more »
Vancouver weather: Start of a warming trend on MondayThe temperature will top out at 16ºC today and drift up into the 20s by the end of the week
Read more »
Bestselling author Angeline Boulley makes book tour stop in VancouverChippewa author\u0027s new novel, Warrior Girl Unearthed, is a sequel to debut hit Firekeeper\u0027s Daughter.
Read more »