Vancouver: A Real Estate Tragedy Unfolds (w/ Michael Geller)

The tax upon tax upon tax that was carried out to make housing in BC, and in Vancouver particularly, reasonably priced is having the other impact. It all began with the City of Vancouver’s Empty Home Tax which was designed to convey as much as ten thousand empty properties into the rental market.

The prediction seems to have considerably missed the mark. Currently the City of Vancouver has devoted greater than $10 million {dollars} to a program which will flip a number of hundred empty or underneath utilized properties into rental items.

The provincial authorities of Christy Clark jumped on the bandwagon and imposed a Foreign Buyers Tax which is being challenged within the courts as illegal and discriminatory. The John Horgan authorities, sensing the time was proper to proceed to meddle available in the market, added not one however two new taxes with the target of cooling the market and making housing extra reasonably priced.

It’s true, the marketplace for properties over $3 million has cooled whereas on the identical time, it has set the rental market ablaze making the one reasonably priced housing much less reasonably priced.

We invited planner, developer and commentator Michael Geller to affix us for a Conversation That Matters concerning the disaster that continues to unfold in BC’s actual property markets.

Simon Fraser University’s Centre for Dialogue presents Conversations That Matter. Join veteran Broadcaster Stuart McNish every week for an necessary and interesting Conversation concerning the points shaping our future.

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Real Estate