STEVEN TSE PERSONAL REAL ESTATE CORPORATION
  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS

BC government announces half a billion dollars in affordable housing

11/23/2016

 
JENNI SHEPHERD (DAILY HIVE) - BC Premier Christy Clark has announced the province is investing $516 million in 68 affordable housing projects.

In a release issued Tuesday, Clark said the projects would build 2,897 new housing units, 1299 of which will be in Metro Vancouver:
  • Burnaby – 3 projects / 202 units
  • Richmond – 1 projects / 160 units
  • Surrey – 5 projects / 326 units
  • Vancouver – 10 projects / 611 units
The new housing projects are aimed at low- to moderate-income renters, seniors, youth, adults with developmental disabilities, Aboriginal people and women and children.

With an election only a few months away, Clark said her government was working hard to build “Canada’s leading economy” to enable projects like this.

“It gives us the ability to make significant investments, put British Columbians first, and take immediate action to increase the rental supply in communities throughout BC,” she said.

In Vancouver, the majority of the projects appear to be in the Downtown Eastside, with two others near West Georgia and Hornby, and one more at Scotia and 5th.

Mayor welcomes investment
​

In an email statement to Daily Hive on Tuesday afternoon, Vancouver Mayor Gregor Robertson said he welcomed the province’s investment in the city.

“The housing market is particularly tough for residents on low and middle incomes with housing prices disconnected from working wages in Metro Vancouver,” said Robertson.

“This investment will help deepen rental affordability for residents struggling to find a safe and affordable place to live.”

Robertson said he would be building on his strong partnership with BC Housing to make sure the projects are finished as soon as possible.

Vancouver's Empty Homes Tax will be 1% of property value

11/10/2016

 
Picture
JENNI SHEPHERD (DAILY HIVE) - The City of Vancouver has announced the details of its proposed Empty Homes Tax aimed at boosting rental rates in our city’s incredibly hot market.

All non-principal residences left unoccupied for at least six months of the year will be subject to a 1% tax on the assessed value of the property, as of 2017.

In a release on Wednesday, Vancouver Mayor Gregor Robertson said the city is in a housing crisis and it’s time to take action.

“The City won’t sit on the sidelines while over 20,000 empty and under-occupied properties hold back homes for renters struggling to find an affordable and secure place to live,” said Robertson.
“In a rental housing crisis, it’s unacceptable for so much housing to be treated as a commodity when people are desperate for an affordable, secure place to live. Housing is for homes first, and as investments second.”

The new tax is aimed at tackling affordability issues and increasing rental supply in Vancouver, where it is becoming impossible to even find a place to rent, let alone buy.
According to the City, more than 22,000 homes in Vancouver were found to be unoccupied or occupied by temporary residents on Census Day in May 2011.
Meanwhile, this year the City found 10,800 homes were not occupied, and concluded that put a strain on a housing market that’s already stretched to capacity.

Empty homes exemptions


The new Empty Homes Tax will also apply to vacant residential land, although there will be some exemptions on which land and homes are subject to the tax.

Properties that are rented long-term with a tenancy agreement, or for at least 30 days in a row for at least six months in aggregate over the course of a year, would be exempt.
Other exemptions include cases where:
  • properties are undergoing major renovations, under construction or in redevelopment (with permits)
  • the registered owner (or other occupier) is undergoing medical or supportive care
  • the owner is deceased and grant of probate or administration is pending
  • ownership of the property changed during the previous year
  • the property is subject to existing strata rental restrictions
  • the registered owner uses the property for six months of the year for work purposes but claims principal residence elsewhere
  • the property is under a court order prohibiting occupancy
  • the property is limited to vehicle parking or the size, shape or inherent limitation such that a residential building cannot be constructed

Daily $10,000 fines
The whole system will be self-reporting, with the City carrying out random audits to ensure compliance. And if you are caught not paying the tax, there will be penalties to pay.

Owners who fail to report before the deadline will have to pay the tax, while owners who pay late will be subject to an extra 5% tax on their property’s assessed value, with interest.

Meanwhile, anyone found to have made a false declaration to hide the fact their property is empty will face fines of up to $10,000 per day of the infraction.

The City’s plans come after notifying 220,000 homeowners, holding open houses attended by 500 residents, and receiving more than 10,000 responses to an online survey.
​
City staff will put the proposal to Council on Tuesday, and if approved, the Empty Homes Tax will come into force on January 1, 2017.



    Market Update

    Updates on Real Estate news happening in your city. 

    Archives

    January 2023
    November 2022
    October 2022
    September 2022
    August 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    February 2021
    January 2021
    November 2020
    October 2020
    August 2020
    July 2020
    May 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

    Categories

    All
    Architecture
    Banking & Mortgage
    City Development
    City Events
    Home Staging
    Market Trends
    Project Presales
    Strata
    Supportive Housing
    Vancouver Heritage

  • PROPERTIES
    • FEATURED LISTINGS
    • SOLDS
  • SERVICES
    • SELLERS
    • BUYERS
  • NEWS
  • CONNECT
    • MEET STEVEN
    • CONTACT
  • RESOURCES
    • TESTIMONIALS