http://www.theprovince.com/news/local+n ... story.html
Looks as if this tax will cost taxpayers a lot more than expected, and doubtful it will ease the tight rental market
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About 15 years late to the party, but good, As I've said before we never needed a bunch of new taxes, just to enforce the existing taxes. How many billions in profits walked out of Canada with not a sniff from the CRA. These transactions should be enforced and a witholding tax applied to a flipEnforcement is gonna be brutal ...
"CRA takes developers to court, seeks information on pre-sale condo flippers
Officials say they want to ensure taxes paid on transactions..."
http://www.cbc.ca/news/canada/british-c ... -1.4223488
So it looks like the numbers are coming in quite a bit lower than predicted!"The number of “under-occupied” homes in Vancouver has almost doubled in the past 15 years, from 12,885 to 25,495 dwellings, according to census data.
Empty homes was never really an issue. What the big issue was is AIR BNB, and of course jealousy. A lot of these "empty homes" are homes waiting to get demoed and the city is taking a year to complete building permits.So it looks like the numbers are coming in quite a bit lower than predicted!"The number of “under-occupied” homes in Vancouver has almost doubled in the past 15 years, from 12,885 to 25,495 dwellings, according to census data.
The city won't even give us a straight answer on how many properties actually have to pay the tax. I'm guessing the Empty Homes Tax will not break even this year.
The city has to lie about the numbers and say 8500 empty or under utilized homes, which includes 2200 people who didn't declare. As well as all the exemptions, like a property going through re-zoning, or where a person is not using the home due to medical circumstances, etc.
Interesting and again points to the same issues where these governments are building up all the problems and crisis to get the Internet Mob working for them in order to magically solve problems with new taxes, all while pandering for votes. Its quite brilliant in a way.
Why is it either/or? Why not curb demand and increase supply?Empty homes was never really an issue. What the big issue was is AIR BNB, and of course jealousy. A lot of these "empty homes" are homes waiting to get demoed and the city is taking a year to complete building permits.So it looks like the numbers are coming in quite a bit lower than predicted!"The number of “under-occupied” homes in Vancouver has almost doubled in the past 15 years, from 12,885 to 25,495 dwellings, according to census data.
The city won't even give us a straight answer on how many properties actually have to pay the tax. I'm guessing the Empty Homes Tax will not break even this year.
The city has to lie about the numbers and say 8500 empty or under utilized homes, which includes 2200 people who didn't declare. As well as all the exemptions, like a property going through re-zoning, or where a person is not using the home due to medical circumstances, etc.
Interesting and again points to the same issues where these governments are building up all the problems and crisis to get the Internet Mob working for them in order to magically solve problems with new taxes, all while pandering for votes. Its quite brilliant in a way.
From my personal experience, I have a client that has been waiting for approvals from the city since mid last year. We just started abatement this week.
Also before you all get upset and say we shouldn't be ripping down old homes and putting up new ones in there place, think about this. The old home is full of mold and asbestos. Only housed one family. The new home will house 3 families.
The only way out of this is increase supply and density. Not curb demand like the NDP is suggesting. You can curb demand for a year, maybe 2 years, then all this pent up demand will over run the market and force prices higher. Not to mention rents will increase in the mean time while people are looking for a place to live.
NDP have got this all wrong
Exactly. Leave demand alone. Increase density and get munis to issue building permits much faster. Lack of supply is the problem. But you get all these activists against development but they want a brand new rental apartment for $100 a month. The libtards are responsible for rising prices too.The only way out of this is increase supply and density. Not curb demand like the NDP is suggesting. You can curb demand for a year, maybe 2 years, then all this pent up demand will over run the market and force prices higher. Not to mention rents will increase in the mean time while people are looking for a place to live.So it looks like the numbers are coming in quite a bit lower than predicted!"The number of “under-occupied” homes in Vancouver has almost doubled in the past 15 years, from 12,885 to 25,495 dwellings, according to census data.
The city won't even give us a straight answer on how many properties actually have to pay the tax. I'm guessing the Empty Homes Tax will not break even this year.
The city has to lie about the numbers and say 8500 empty or under utilized homes, which includes 2200 people who didn't declare. As well as all the exemptions, like a property going through re-zoning, or where a person is not using the home due to medical circumstances, etc.
Interesting and again points to the same issues where these governments are building up all the problems and crisis to get the Internet Mob working for them in order to magically solve problems with new taxes, all while pandering for votes. Its quite brilliant in a way.
NDP have got this all wrong
Don't get me started on permitting delays.These government workers think a good paying job is a right. They get every second Friday off and at 4;20 pm stop answering their phones. Lots of sick days and personal days, full benefits and a pension. If you follow up on a permit you are waiting for they get mad. And it's not like you can buy them lunch or dinner or give them a bottle of scotch to get expedited service.Permitting in Metro Van is a disgrace.
There is no way to justify waiting 2 years for a what should be a basic permit for a SFH.
3-4 years to deliver a house is absurd.
Don't get me started on permitting delays.These government workers think a good paying job is a right. They get every second Friday off and at 4;20 pm stop answering their phones. Lots of sick days and personal days, full benefits and a pension. If you follow up on a permit you are waiting for they get mad. And it's not like you can buy them lunch or dinner or give them a bottle of scotch to get expedited service.Permitting in Metro Van is a disgrace.
There is no way to justify waiting 2 years for a what should be a basic permit for a SFH.
3-4 years to deliver a house is absurd.
Here is a planner job for $55 an hour.
https://jobs.vancouver.ca/job/Vancouver ... 461534600/
I know they have heavy work loads so hire more and pay overtime, At $77 an hour you would get city workers working evenings and weekends. They pay for themselves with permit fees, CACs, DCCs, etc.
Give developers the option of paying extra fees for a fast track permit.
By "curbing" demand your not fixing the problem. "Curbing" demand just means trying to get people not to buy a house. What are they supposed to do? live on the street? "Curbing" demand is just delaying the inevitiable. "Curbing" demand is like sticking your finger in a facet hopeing it will stop a leak.Why is it either/or? Why not curb demand and increase supply?Empty homes was never really an issue. What the big issue was is AIR BNB, and of course jealousy. A lot of these "empty homes" are homes waiting to get demoed and the city is taking a year to complete building permits.So it looks like the numbers are coming in quite a bit lower than predicted!
The city won't even give us a straight answer on how many properties actually have to pay the tax. I'm guessing the Empty Homes Tax will not break even this year.
The city has to lie about the numbers and say 8500 empty or under utilized homes, which includes 2200 people who didn't declare. As well as all the exemptions, like a property going through re-zoning, or where a person is not using the home due to medical circumstances, etc.
Interesting and again points to the same issues where these governments are building up all the problems and crisis to get the Internet Mob working for them in order to magically solve problems with new taxes, all while pandering for votes. Its quite brilliant in a way.
From my personal experience, I have a client that has been waiting for approvals from the city since mid last year. We just started abatement this week.
Also before you all get upset and say we shouldn't be ripping down old homes and putting up new ones in there place, think about this. The old home is full of mold and asbestos. Only housed one family. The new home will house 3 families.
The only way out of this is increase supply and density. Not curb demand like the NDP is suggesting. You can curb demand for a year, maybe 2 years, then all this pent up demand will over run the market and force prices higher. Not to mention rents will increase in the mean time while people are looking for a place to live.
NDP have got this all wrong
And it's not like the NDP is curbing demand - They are curbing a very specific demand so they people that live here have an opportunity.
Well we are talking about stopping people from buying:By "curbing" demand your not fixing the problem. "Curbing" demand just means trying to get people not to buy a house. What are they supposed to do? live on the street? "Curbing" demand is just delaying the inevitiable. "Curbing" demand is like sticking your finger in a facet hopeing it will stop a leak.Why is it either/or? Why not curb demand and increase supply?Empty homes was never really an issue. What the big issue was is AIR BNB, and of course jealousy. A lot of these "empty homes" are homes waiting to get demoed and the city is taking a year to complete building permits.
From my personal experience, I have a client that has been waiting for approvals from the city since mid last year. We just started abatement this week.
Also before you all get upset and say we shouldn't be ripping down old homes and putting up new ones in there place, think about this. The old home is full of mold and asbestos. Only housed one family. The new home will house 3 families.
The only way out of this is increase supply and density. Not curb demand like the NDP is suggesting. You can curb demand for a year, maybe 2 years, then all this pent up demand will over run the market and force prices higher. Not to mention rents will increase in the mean time while people are looking for a place to live.
NDP have got this all wrong
And it's not like the NDP is curbing demand - They are curbing a very specific demand so they people that live here have an opportunity.
So your solution is bribes? Awesome.Don't get me started on permitting delays.These government workers think a good paying job is a right. They get every second Friday off and at 4;20 pm stop answering their phones. Lots of sick days and personal days, full benefits and a pension. If you follow up on a permit you are waiting for they get mad. And it's not like you can buy them lunch or dinner or give them a bottle of scotch to get expedited service.Permitting in Metro Van is a disgrace.
There is no way to justify waiting 2 years for a what should be a basic permit for a SFH.
3-4 years to deliver a house is absurd.
Here is a planner job for $55 an hour.
https://jobs.vancouver.ca/job/Vancouver ... 461534600/
I know they have heavy work loads so hire more and pay overtime, At $77 an hour you would get city workers working evenings and weekends. They pay for themselves with permit fees, CACs, DCCs, etc.
Give developers the option of paying extra fees for a fast track permit.
What's wrong with Coquitlam, Surrey, Langley, Cloverdale, Abbotsford, etc. Lot's of affordable townhouses and houses there.So your solution is bribes? Awesome.Don't get me started on permitting delays.These government workers think a good paying job is a right. They get every second Friday off and at 4;20 pm stop answering their phones. Lots of sick days and personal days, full benefits and a pension. If you follow up on a permit you are waiting for they get mad. And it's not like you can buy them lunch or dinner or give them a bottle of scotch to get expedited service.Permitting in Metro Van is a disgrace.
There is no way to justify waiting 2 years for a what should be a basic permit for a SFH.
3-4 years to deliver a house is absurd.
Here is a planner job for $55 an hour.
https://jobs.vancouver.ca/job/Vancouver ... 461534600/
I know they have heavy work loads so hire more and pay overtime, At $77 an hour you would get city workers working evenings and weekends. They pay for themselves with permit fees, CACs, DCCs, etc.
Give developers the option of paying extra fees for a fast track permit.
$55 an hour... LOL...they can afford a 1 bedroom for their family at that wage.