1003 replies to this topic

[dasmo]

Plus Langford wants speculators to fund condos in the West Hills. There is a reason Stu supports a tram now. E&N goes right into the heart of the West Hills and it’s an easier sell with a tram link vs the crawl....
Skepticism aside, I’m glad. I hope more protest this tax. I think it does nothing for affordability and is simply a poorly thought out tax grab....

[Mike K.]

30% of Bear Mountain is owned by out of province buyers, according to Young.

[Kungsberg]

CRD To Ask Province to Opt Out of Speculation Tax

Apr 12, 2018

https://www.crd.bc.ca/about/news/article/2018/04/12/crd-to-ask-province-to-opt-out-of-speculation-tax

 

Victoria, BC– The Capital Regional District (CRD) Board has approved a motion to call upon the Province of British Columbia to allow municipalities in the capital region to opt out of the new housing speculation tax. The motion was brought forward by CRD Director Denise Blackwell on behalf of Langford council at the April 11, 2018 Board meeting.

 

·       Therefore be it resolved that the Capital Regional District calls upon the BC Government to allow municipalities to opt out of this new housing speculation tax and; 

·       Be it further resolved that the Capital Regional District put forward the above resolution for debate and consideration at this year’s 2018 UBCM Convention.

[Casual Kev]

The speculation tax is a knee-jerk policy to a lack of affordability that has spiraled out of control. Speculation and second home vacationers only makes a difference at the margin, when supply is scarce and holding into existing real estate becomes a safe investment that rivals even riskier financial assets. 

 

The problem is that you have the CRD "standing up" for vacationers and investors, yet lack a coherent and decisive vision to tackle a very real deterioration in affordability. Skimming through the minutes of the meeting that yielded the anti-speculation tax motion, affordability is only discussed in terms of imposing affordable unit requirements for supply that would've come in anyways, and in potentially appropriating some land for public housing. Doesn't seem like there is much interest in tackling the market fundamentals that cause real estate to be attractive for speculators and turn it into a luxury.

 

The Lower Mainland has the same problem. It's always "how do we get developers to make cheap housing without doing anything different" or "do we have an excuse to raise taxes and put more people in taxpayer-funded housing", but never "are we doing things that get in the way of housing supply and/or affordability". The crusade against AirBnB there is a result of housing becoming so precious that even the few 000's units that turn into short-term rentals cause real affordability pressures, but no one asks themselves how it got there. 

 

My guess is that the motion will divide people in the CRD if sufficiently publicized and the province will laugh at the exemption request.

[tjv]

30% of Bear Mountain is owned by out of province buyers, according to Young.

Shocking, but hey its a free market so to each his own.  I just don't understand why someone wants a 2nd home on a tiny lot in a subdivision surrounded by other hardi clad boxes in the middle no where.  I guess vacationers like golf?

 

What I further don't understand is a beach house or a lake house would be cheaper than bear mountain

[davidN]

The speculation tax is a knee-jerk policy to a lack of affordability that has spiraled out of control. Speculation and second home vacationers only makes a difference at the margin, when supply is scarce and holding into existing real estate becomes a safe investment that rivals even riskier financial assets. 

 

The problem is that you have the CRD "standing up" for vacationers and investors, yet lack a coherent and decisive vision to tackle a very real deterioration in affordability. Skimming through the minutes of the meeting that yielded the anti-speculation tax motion, affordability is only discussed in terms of imposing affordable unit requirements for supply that would've come in anyways, and in potentially appropriating some land for public housing. Doesn't seem like there is much interest in tackling the market fundamentals that cause real estate to be attractive for speculators and turn it into a luxury.

 

The Lower Mainland has the same problem. It's always "how do we get developers to make cheap housing without doing anything different" or "do we have an excuse to raise taxes and put more people in taxpayer-funded housing", but never "are we doing things that get in the way of housing supply and/or affordability". The crusade against AirBnB there is a result of housing becoming so precious that even the few 000's units that turn into short-term rentals cause real affordability pressures, but no one asks themselves how it got there. 

 

My guess is that the motion will divide people in the CRD if sufficiently publicized and the province will laugh at the exemption request.

I agree completely. There is no concentrated effort to produce more housing which in turn would balance the market. The NDP is a"tax first" party that takes the easy way out and adds taxes without tacking the real problem of supply.

[VicHockeyFan]

What I further don't understand is a beach house or a lake house would be cheaper than bear mountain

 

Some folks do not want the maintenance of that type of home, and the worry about it in off-season.  I think a LOT of people consider their summer home their future retirement home too.  So they like the two bathrooms, garage and extra bedroom etc.

[rjag]

Shocking, but hey its a free market so to each his own.  I just don't understand why someone wants a 2nd home on a tiny lot in a subdivision surrounded by other hardi clad boxes in the middle no where.  I guess vacationers like golf?

 

What I further don't understand is a beach house or a lake house would be cheaper than bear mountain

First you don't know what they are coming from....it may be their idea of heaven. 2nd its not in the middle of nowhere for folks used to a 1-2 hour commute and probably feels like a resort with the trails, golfing and pools etc. 

 

Its all perspective, when we bought our first place in 1991 at Interurban and Wilkinson, our friends wouldn't come to see us from Fairfield/OB as we lived waaaaay out of town...now most of them are even further away and they say 'oh its only 15 mins away' 

 

Perspective young Padawin....perspective

[jonny]

Shocking, but hey its a free market so to each his own. I just don't understand why someone wants a 2nd home on a tiny lot in a subdivision surrounded by other hardi clad boxes in the middle no where. I guess vacationers like golf?

What I further don't understand is a beach house or a lake house would be cheaper than bear mountain

Have you ever been to Edmonton, Winnipeg or Mississauga?

[Mike K.]

I was on Bear Mountain last night for a birthday shindig. The place is hopping. I even took transit up there!

[tjv]

First you don't know what they are coming from....it may be their idea of heaven. 2nd its not in the middle of nowhere for folks used to a 1-2 hour commute and probably feels like a resort with the trails, golfing and pools etc. 

 

Its all perspective, when we bought our first place in 1991 at Interurban and Wilkinson, our friends wouldn't come to see us from Fairfield/OB as we lived waaaaay out of town...now most of them are even further away and they say 'oh its only 15 mins away' 

 

Perspective young Padawin....perspective

As I said, to each his own and its a free country.  The only time I ever go to Langford is Costco unless you consider driving thru on the Trans Canada Hwy heading north

 

Have you ever been to Edmonton, Winnipeg or Mississauga?

Yes, and 3 cities that I would never live in EVER not even if houses were $1

[Mike K.]

Say, have the farmers in Central Saanich started spraying crops yet, or is that stench in the air from the Crofton pulp mill?

 

[tjv]

lol, I don't smell anything out here (the closest farm to me are roses and that's a tough tough smell to live with).  Although I went up island last week and there was a definite stink in the Cowichan Valley from the farms

[nerka]

 

My guess is that ....... and the province will laugh at the exemption request.

 

You can take that to the bank

[Mike K.]

I'm not so sure that the NDP will be laughing come next election.

[rjag]

I'm not so sure that the NDP will be laughing come next election.

they sure are creating 1 crisis after another. Nobody can claim this is good governance and if they do, they need to pull their head out of the clouds....

[jonny]

I heard on Stirling's show this morning on CFAX that apparently Andrew Weaver owns a secondary residence in Parksville, which the Province has decided to exclude from this speculation tax. 

 

Hmmmmmm.....

[Mike K.]

Oh boy, that's not good optics.

[PraiseKek]

Weaver is a housing hoarder? Guy should be jailed.

Edited by PraiseKek, 16 April 2018 - 12:42 PM.

[Mike K.]

Can we zero in on an address?