A tax on non-resident property owners is working as it's intended, as a wave of luxury condo units hit the real estate market all over the city of Vancouver.
There's a glut of luxury condos on the market in Vancouver. The wave of luxury housing supply is credited by some market observers to non-resident owners selling pied-a-terres, "because they don’t want to pay vacancy taxes introduced by the city and the province."
"A good example is a 58th-floor condo at Trump Tower that is on the market for $5.88 million. Realtor Wendy Tian said her client is selling because of the vacancy and speculation taxes," reports John Mackie.
Another examples cited by Mackie:
Layla Yang of Dracco Pacific Realty is selling a 43rd–floor condo at Trump Tower for $3.98 million. She also says the vacancy and speculation taxes are spurring people to sell.
In most of the buildings mentioned in the article, units are available for sale at more than twice the typical rate, according to Mackie.
Meanwhile, according to Mackie, prices have dropped downtown, and some of the units are having a hard time selling.
FULL STORY: Vacancy taxes prompt sale of luxury condos in Downtown Vancouver
Vancouver Again Raises its Empty Homes Tax
The Vancouver Empty Homes Tax will soon be three times as high as it was when adopted in 2017.
Vacancy Taxes as a Response to the Housing Crisis
Could vacancy taxes solve multiple housing challenges at once?
Vancouver's Homeowner Vacancy Rate Nearly 5 Percent
Thousands of homes in the city were found to be underused and subject to a vacancy tax.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Test News Post 1
This is a summary
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
Test News Headline 46
Test for the image on the front page.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service