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British Columbia real-estate and foreign buyer taxes


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#961 Mike K.

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Posted 16 November 2021 - 10:12 PM

So is Andrew Weaver’s.
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#962 Victoria Watcher

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Posted 14 April 2022 - 03:43 AM

Vancouver's mayor has announced a plan to boost the empty homes tax rate to five per cent and double its compliance audits in an effort to provide more affordable housing.

 

Kennedy Stewart says his decision to triple the empty homes tax rate in 2020 has brought in about $32 million for affordable housing and helped "return" more than 4,000 homes to locals.

 

https://www.timescol...housing-5264552



#963 Victoria Watcher

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Posted 23 November 2022 - 03:13 AM

Speculation and vacancy tax generating millions, is being expanded, government says
As of January, Duncan, North Cowichan, Ladysmith, Lake Cowichan, Lions Bay and Squamish will be subject to the tax as well


#964 Nparker

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Posted 23 November 2022 - 07:44 AM

It's generating revenue, but is it creating more housing?

#965 Mike K.

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Posted 23 November 2022 - 08:03 AM

I don't think we realize yet just what this is doing to communities that rely on temporary residents for taxes and economic growth, without the burden of full-time residency.

Gulf Islands residents have an opinion on the benefits of full-time residency growing by 30% among non-permanent residents over a short period of time.

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#966 LJ

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Posted 23 November 2022 - 08:00 PM

^If you rent your place out, you don't have to pay the vacancy tax, right?


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#967 Mike K.

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Posted 23 November 2022 - 09:57 PM

Yes that’s right.

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#968 spanky123

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Posted 24 November 2022 - 08:10 AM

^If you rent your place out, you don't have to pay the vacancy tax, right?

 

True but then it isn't a vacation home, it is a rental property. Obvious the NDP feels that only elites own vacation property and thus it must be taken away from them.



#969 Nparker

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Posted 24 November 2022 - 08:21 AM

MLA elites being exempt of course.
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#970 Mike K.

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Posted 24 November 2022 - 08:21 AM

The trend now is to strata-title office towers and build strata-titled business parks, so before long, foreign capital will have a significant foothold in the commercial sector, namely because there are so few commercial spaces relative to housing units.

Look at all of the strata-titled business parks that are going up in Victoria currently. I can think of five. How long before offices buildings start employing the same tactics?

We never seem to think what actually happens when the flow of capital is redirected. We just jump from one issue to another.

Consider the housing situation. The federal government stopped its housing programs in the 80s, leading to a complete shut down of rental and affordable housing construction. Municipally, governments gave developers the middle finger, when they tried to build rental housing with private money 80s onwards (we’re taking locally). Now provincially, the premier of BC is vowing to tackle the issue of housing head-on, by dictating to municipalities what they can and can’t do regarding housing, while also forcing multi-generational vacation properties to either carry high taxes or be sold, pushing the economic impact thereof to other jurisdictions. Meanwhile, the feds are back at the housing funding helm, as they announce hundreds of thousands more openings for immigration into Canada.

At all three levels of government, we have roadblocks meeting up with big ideas, and tripping over what the issues are and what is causing them.

Here it is in a simpler format:

Municipalities (locally) are exhausted from a decade of heavy development which still isn’t meeting demand. Residents have voted in anti-growth governments as a result. The province is reaching to enact housing quotas to address housing shortages in municipalities. Meanwhile, the feds have announced the most ambitious immigration program in the history of the nation.

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#971 Sparky

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Posted 24 November 2022 - 08:45 AM

chaos

 

noun [ U ]

/ˈkeɪ.ɒs/ us
/ˈkeɪ.ɑːs/

a state of total confusion with no order:



#972 Mike K.

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Posted 24 November 2022 - 08:49 AM

We need to build 44,000 units of housing to this region by 2041 to meet population growth projections:

 

https://victoria.cit...rowth-estimate/


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#973 Victoria Watcher

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Posted 24 November 2022 - 08:52 AM

Or if we don’t build them, the population won’t increase 44,000 units worth. What’s so bad about that?

Oak Bay’s population hasn’t grown, and most would say it’s the best place to live around here.

In fact crime there is so low, the cops go home during shift for naps.

Edited by Victoria Watcher, 24 November 2022 - 08:54 AM.

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#974 spanky123

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Posted 24 November 2022 - 08:54 AM

We need to build 44,000 units of housing to this region by 2041 to meet population growth projections:

 

https://victoria.cit...rowth-estimate/

 

I think that number is way off. BC welcomed 115K new immigrants last year alone. If only 10% of those come to the CRD that would be over 100K units.



#975 Barrrister

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Posted 24 November 2022 - 09:14 AM

Dont build it and they wont come. Maybe the Province needs to start to build actual new cities if it wants to increase housing. Or at least fix the doctor and hospital problem before going on a building rampage.


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#976 aastra

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Posted 24 November 2022 - 10:15 AM

 

Oak Bay’s population hasn’t grown, and most would say it’s the best place to live around here.

 

Is growth a problem by default? Or can growth happen in a desirable way?

 

 

Daily Colonist

March 18, 1950
 
 
From comparative obscurity before the turn of the century, Oak Bay has earned itself the reputation of being one of the most-envied municipalities in British Columbia.
 
Oak Bay has attained this valued position because of much expert guidance since its incorporation in 1906. Careful management and sound investment have made Oak Bay a financially healthy municipality which stands high in the bond dealers' register.
 
Good municipal government has kept taxes low in comparison with other municipalities. Services are considered good. The municipality's bonded indebtedness is low...
 
Like other municipalities, Oak Bay is in the midst of a building boom with attractive subdivisions springing up throughout. In order to maintain a high standard, municipal building restrictions are strict...
 
From a population of about 300 in 1906, the area has grown into a thriving municipality of 12,500 residents and 3,600 homes. Homeowners are well protected by well-planned zoning regulations.

 



#977 Mike K.

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Posted 24 November 2022 - 10:49 AM

I think that number is way off. BC welcomed 115K new immigrants last year alone. If only 10% of those come to the CRD that would be over 100K units.


It’s likely just as pie in the sky, the projection for 88,000 newcomers here, as 400,000 residents in the CMA by 2031 was back in 2001.

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#978 LJ

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Posted 24 November 2022 - 07:55 PM

True but then it isn't a vacation home, it is a rental property. Obvious the NDP feels that only elites own vacation property and thus it must be taken away from them.

But you only have to rent it out for 6 months, the other 6 you can stay in it.


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